I purchased my Iwata HP-CS in June for $150 and will never look back! It has given me the boon I needed to come back to the hobby scene and start painting again. It has a beautiful polished stainless steel body and is finely balanced. Cleaning is really easy as well. I have it hooked up to an 8ft braided nylon hose which is connected to a regulator with built in water trap. I used a quick connector on the hose so I can use the compressor for other air tools or brushes. Don't forget the Teflon Tape! The compressor is an oil-less garage style machine which makes alot of noise! I hope this year I can get some more painting commissions so I can replace this beast with an Iwata silent one!
The paint, thinner and primer I use for most of my projects is by Tamiya. The paint is $2.99 a bottle and contains 10mL. The paint sprays really well, and is easy to clean considering it is solvent based. I mix about 1:1 thinner to paint for the airbrush and run the PSI at around 7 to 10 psi.
Anyone who hasn't yet tried this match made in Japan should give it a go! I will be making a video soon showing the brush in action applying camo to a StuG III