Mike,
Well, you are certainly getting a lot of good info. Here's what I promised.
My compressor is a Campbell-Hausfeld 5hp 120v, 22 gal vertical tank with the following pressure specs - 6.9 scfm @40, 5.5@90 with 125 max psi.
The 1/2 impact wrench is not what I said (good thing that I said that I'd check - old timers disease ya know... /w3tcompact/icons/eyes.gif/w3tcompact/icons/wink.gif). It's a DeVilbiss ATP10 with the following specs - 400 ft/lbs @ 7000rpm, 90psi max working pressure, typical air and hose fittings and sizes, min CFM of 90psi is 6.6 CFM (25%) usage. Really don't know what the last spec is but my CFM is 5.5 so I suppose I'm not using the tool optimumly. It has four torque settings - #1 - 239, #2 - 308, #3 - 320, #4 - 400. However, it gets the job done with a minimum investment.
I picked up the compressor at Home Depot last fall for $250 and it had a nice starter set of air tools included - 3/8' impact wrench, spray gun, air chisel, hose, and some basic fittings. Hard to pass up on a deal like that.... Since I do not use the compressor that much, it kinda fits in with some of the advice that Bird passed along. If I was using it day-in-and-day-out, I would have bought a better unit.
Terry