If it's the black Craftsman Professional series, I have the same one. I believe the red ones were the standard models.
As the other posters said, they are noisy, but hasn't let me down yet. I've had it about 3 years now, and use it quite often. The CFM's are really good on the professional series, can't recall what the standard craftsman model was. I've done everything with mine, tools; paint; large blasting cabinet; etc. I got mine on sale brand new for about $500.00 USD.
I've been really pleased with mine, except for the noise. Kind of funny though when one of the kids walk by it, and it kicks on! They jump about 5' feet! /forums/images/icons/laugh.gif