You want the highest cfm you can afford and the biggest tank that is practical for your space and portability needs. For home garage use I think a 20-30 gallon tank is a good size. It's big enough to do lots of thing and still be a little portable. I think I like the hot dog style horizontal tank too. It takes up more floor space but it's easier to move around than a vertical tank.
The portable 'job site' compressors with small tanks are good for air nailers and things with low air requirements.
I ended up with this compressor which I bought used from another club member:
http://www.harborfreight.com/cpi/ctaf/Disp...temnumber=36967It's worked out great for me. Originally I thought 20 gallons might be too small but it's what I'd call a high performance 20 gallon compressor with 5.8cfm at 90psi.
My understanding is that the direct drive oil free compressors will have a shorter life span than the ones with a separate belt driven motor. Oil free compressors are also noisier.
Do you have a Harbor Freight near you? When they have sales you can get air tools for less than $10 each. In many cases they are the same stuff that Sears sells for $75. If you regularly oil the cheap tools they will last a long long time for home use. You can also get all the connectors and hoses there for cheap.
For accesories, I'd also recommend a air line filter. It will catch a lot of water and make your tools live a lot longer.