I'm using this set too... But i've replaced the airbrush with a "metalic" one instead of using the "plastic" airbrush which comes with it. I've got problems with the one they provided... the plastic containers (i'm not sure what they're called) where I feed paint in got stuck and I couldn't remove them for cleaning. So I changed..

As for the compressor, it is rather basic but the function of being able to bring it everywhere is a plus. I don't have a fume hood, so I would usually do my airbrushing out doors.
However, i'm gonna stick with the compressor for now as i'm still on a rather tight budget till I'm able to upgrade to a newer compressor. One that has a regulator that allows me to change the PSI (air pressure).
Conclusion: I personally I think it's still a good "stand in", till you decide to upgrade..
HTH...