I have a slightly larger direct drive oil-less compressor - and yeah, it's loud...but with the amount that I use it, a few times per month...it's lasted 10 years and is in great shape.
That decision is one of budget. I sure would love an oil-type, belt drive compressor...but I spray finishes, and the oil-less is nice. Further, if you plan to run a die-grinder, or cut-off tool continuously, you'll find the capacity of this one inadequate (again, for me, impact wrench, spraying, tire-filling, it's great...but a cut-off tool is an air hog...and on a big job, I have to wait for the compressor to catch up...).
I think you'll be disappointed with the power of the impact wrench though, looks small, OK for tires, but not for big suspension bolts, rusted parts, etc...
I would let your budget be your guide. Personally, a compressor about this size and a good quality impact gun, like an Ingersoll-Rand would be my recommendation. If you own a shop and have to live with the noise day in/day out - then I would go for the oiled, belt drive compressor, in 240V...and spend about 3x as much...
One other thought: whatever you get, ditch the stupid little drain valve and plumb in a short (12") piece of pipe to a ball valve so that you can drain it easily with just a 1/4 turn on the ball valve that is easy to reach. Keeping it drained after use is the key to long tank life and long tool life...