Well to sum it up, the thing that matters is the tools you plan on using and how much air pressure they need. If you look at the packaging for it you'll see the SCFM rating, which will tell you the pressure needed to run that tool. The air compressor will also have a SCFM rating letting you know how much it can push out. The bigger the tank the longer you can use your tools without air running too low. That's where HP rating comes in, a higher rating will allow you to refill the tank while it is being used without it affecting your tools. Keep in mind, that if you plan on using things like sprayers and grinders it uses a lot of air, so I wouldn't go less than a 30 gallon tank. Most compressors will say on the box what tools it is recommended for as well, and you'll only be able to sand blast with a very big, and expensive one.
Hope my incoherent rambling helps somewhat. :beer: