Pound-for-pound, air motors blow electrics out of the water; there, I said it.
@schmism: When you compare a 4.5" electric grinder to a die grinder, yes of course the grinder will cut more quickly. The grinder has a nice, big universal motor, known for their torque, of maybe 3/4 horsepower. A little die grinder's air motor is probably in the range of 1/4 to 1/2 horsepower and simply lose the cutting contest on that basis. Take a look at how large an electric die grinder is compared to the comparable pneumatic model.
A lot of issues with air tool performance come down to supply. Not having enough compressor is common, but often adequate supply lines are a problem. In my experience, a 1" impact gun run on a 3/8 hose usually feels "tired" but runs much better if you can get a fatter hose.
The merits and disadvantages of pneumatic tools are commonly known but something to consider, that is often overlooked, is how much your compressed air supply really costs. It's an expensive way to transmit power, really, but you don't really notice until you do it on a larger scale. It seems to me that you need about 5 hp of compressor capacity to run 1 hp worth of air motor continuously.