Hello Simon,
The short answer is that with auírbrush equipment, you very much get what you pay for. Or don't, as it were.
The long answer can be very, very long, indeed but I'll try to keep the below at least shortish.
I should perhaps add that I do almost all of my model boat painting with an airbrush, including hulls in the 35" to 45" range, so I have some experience of both smaller and larger AB paint jobs.
As a starting point, I'd say that the most important aspect of an AB set-up is actually the compressor, rather than the AB itself, and also that compressors tend to get rather expensive quite quickly. However, if you want to be able to paint also larger areas, you will be much better off with a sufficiently powerful compressor. To paint larger areas, you will need a larger needle size – at least 0.6 mm – than those which are usually used for painting plastic models and suchlike, where needles are more often in sizes from 0.018 up to 0.2 and 0.3 mm, and in order to furnish enough airflow to run a larger needle AB for the amount of time involved, the smaller (and less expensive) compressors will not be up to the job.
Dedicated AB compressors come in three basic types: membrane, oilless and oil lubricated. Membrane compressors are those quite small ones you may have seen, that usually come with complete "beginner's" AB kits, and can pretty much be discounted for what you seem to be thinking about. They are usually rather noisy (in the, say 65 to 75dB range) but more importantly will very quickly overheat if you try to paint e.g. a largish model boat hull. Or you will need to stop painting very regularly to let the compressor cool down.
Oilless compressors exist in all sizes, and have the advantage of not needing to be filled up with oil ("maintenance free" is an of quoted description), which means that they are much easier to lug around, as they can be put on any side without risk of oil leaking out, and also that they don't need an yey kept on the oil level nor any oil changes. Less hassle, certainly, but the reverse side of that coin is that they are usually noisier than oil lubricated ones (mostly in the 55 to 65 dB range – think noisy vacuum cleaner) and also that rthey tend to last for less long – the lack of lubrication means that they will wear out faster.
Oil lubricated compressors, lastly, are usually the quietest ones, normally in the 40 to 45 dB range – think slightly noisy fridge. They are often marketed as "silent", but that is perhaps not quite true; they are, however, noticably less noisy than the alternatives, so if you live in a place where or plan to paint at times of the day (or night) when the level of noise will be a consideration, this is worth thinking about.
Another aspect to think about is whether the compressor has a tank or not. For larger jobs, you definitely want a tank, the larger the better! A tank is what it sounds like: a tank on the compressor which is filled with compressed air, and from which you then draw the air you need. Usually, once the pressure drops below a certain level, the motor will kick back in and top it up again, and then shut itself off until it is needed again. With no tank, the motor has to keep running constantly, which on larger jobs seriously raises the risk of overheating. Furthermore, the tank acts as a buffer, which means that you will have a constant, pulse-free airflow, which is not always the case on tankless models.
I should definitely add that if noise is less of a consideration there is one less expensive option than a dedicated AB compressor, namely a large garage compressor. These can often be had from DIY stores and the like fro around £100 or so, and will give you all the air yiou need, and then some. However, they are very noisy: usually in the 90 to 100 db range! The thing is, though, that they can be had with tanks of 50 liters or more. If you are able to run that very noisy thing for maybe five minutes or so during the day, you can then turn off the motor and just take your air very quietly from the tank, which will last you quite a long time. However, if you do run out of air in the middle of the night, you'll be stuck, unless you happen to live in a spot where none would react to that kind of noise at 2 am … And please be aware that one must also fit such a compressor with an appropriate moisture trap/air filter, or you are likely to get condensed water droplets and oil traces into your paint flow, with less than desirable results.
Getting back to dedicated AB compressors, there are fewer makers on the market than what one would think. A number of different brands, such as Eurotec, Hansa, Sparmax etc., are all made by an Italian company called Werther. If one looks beond the colour schemes and logos, one finds that they all look very similar – and there's a reason for that!
The other major maker of dedicated compressors is Iwata from Japan, who also make some very, very good airbrushes. There's also a UK maker, Bambi, which I believe is mainly geared towards the dental and laboratory markets, but whose compressors will also serve for AB use (compressed air is compressed air).
(to be continued)