I have two 8 gallon cheapie (HF) compressors hooked up in parallel, with an extra 10gal air tank plumbed in that has a shut-off, so I can isolate it and not fill it when I'm not using something that requires a lot of air. That setup has worked great for many years now.
The 1/2" impact is a tool I can't live without, the others (3/8 air ratchet, drills, etc.) I only use if I'm in a hurry or if my cordless drill batteries are dead. Of if I'm on a long project, the air helps because I don't have to recharge it like I do cordless stuff.
The only thing that works the compressors real hard are air sanders. I sometimes have to take a break and let the air compressors cool if i'm sending for more than an hour or two. They generally keep up, but get good and hot after a while. I'll only use oil-lubricated compressors, no oilless [censored] for me.