I have been in the compressed air service industry for almost 17 years. My two cents is as follows.
I have done my share of piping, copper and black malleable schedule 40. Not having priced stuff recently, one would naturally assume that copper would be more in materials, but is easier for the average guy without a threader to do. I haven't ever had copper burst or blow apart at the joints.
The advantages to copper are:
1/ It doesn't rust so it won't bung up your tools downstream
2/ It doesn't rust so it won't restrict air flow over time by reducing the inside diameter of the pipe
3/ It transfers heat better so you will have more moisture removal downstream during more moderate work loads(assuming you have a filter/trap at point of use)
The ideal way to pipe is in a loop from compressor, around shop, and back to compressor in order to eliminate noticable pressure drop. In most cases for a small shop and a small compressor, this may not be a noticable advantage. Also, the extra pipe, especially in larger sizes like 2", increases system volume which is easier on a cycling compressor like a piston, as it will run slightly longer and stay off longer.
While a long hose directly from the compressor may get the job done, it is a pain to constantly roll/unroll the hose, especially for the quick jobs like blowing something off or filling one tire. With a piped system and multiple outlets, a much shorter hose can be used in most cases.(and it looks much better/neater)
One way or the other, we all seem to get the air where it needs to be in order to get the job done.