I agree with Jim that plastic may not be the best. The question to ask is whether you will ever be running the compressor at a high duty cycle? If you will be (when using a sander or spraying paint, etc) the air will be coming into the pipe at a higher temperature. Will it be too hot for the plastic tube, it's hard to say.
If you are spraying paint, and you have a compressor rated for not much more than what the spray gun uses, you can't beat the iron pipe. I've even seen where people run the air through a coil of copper tube that's placed in a barrel of water. It's necessesary to get the temperature down to turn the water vapor in the air into droplets of vapor that can be removed by a coalescing filter. If you don't do this before the spray gun, the water will cool as it flows through the gun and condensate while in the air with the paint. If you are just running some tools, it doesnt make as much difference.
Anyway, this is all hardware store parts (home depot, lowes, etc), and what you are doing with the air makes a difference as to how exotic you want to get. In my garage I have an IR 7.5 HP compressor with an aftercooler, with an IR coelescing filter, then a pressure regulator. I then use 12 mm plastic tube to move the air around, and it never runs more than 25-50 percent duty cycle. Whith this setup I can run my air tools, sandblaster, spray gun, etc at a fairly low duty cycle.
Here's an interesting link
http://www.tptools.com/statictext/airline-piping-diagram.pdf