I recently purchased a 10lb Powertank and I couldn't be happier.
I ran compressors before and just hated them. They take forever...run hot..use lots of power. But there are very good high volume compressors out there.
But with Co2, you just hook it up, push the lever, and with near silence the tire is quickly aired up. All four in a matter of minutes. If you air down regularly, and value your time, this set up is really nice.
The other thing that sold me with the ability to reseat a bead on a tire without lighter fluid. Plus high pressure air as other uses.
There's a video on powertank's website:
http://www.powertank.com/
Powertank isn't the only name in town. There are much cheaper ways of running CO2 set ups. I went with Powertank mainly because I wanted a new tank, and their very nice regulator, and hose guage set up. It was worth it to me.
Fills up cost between $10-15.
I also bought one of these to air down. It does work pretty fast, but you can only do on tire at a time, which sucks.
http://www.extremeoutback.com/index.cgi?pid=119
If I were to do that over again, I'd probably go with a set of Staun Tire Deflators, as they are probably faster.
One disadvantage with the CO2 tanks is that you have a limited air supply, whereas with pumps, you're unlimited. I use my ARB air locker compressor as a back up.
Here's my set up:
http://www.brian894x4.com/images/ExpeditionLCinterior037.JPG