I don't have the 29 gallons but I have the 21, also oil lubricated and vertical. May be a different compressor setup, though, I don't know, but mine has chugged happily for many years. I did have to replace the switch, once, though, early on, but that was $10 for a generic one. I do have to add also, though, that I bought the compressor for a song at one of their parking lot sales because it was "frozen" (although apparently new) - probably a return. Took it apart, put it back together, don't know exactly what I did to get it running again, but it hummed nicely ever since. So, I guess that there may have been issues when new (poor quality control? (That was all about 10 years ago, if that matters with HF.) but that the design was ultimately fundamentally sound. It really is very simple technology, actually, so not too much to go wrong once you work out the teething problems.
Sooo, at the end of the day, I'm happy with mine (21gals) but it was not exactly a completely hands-off process.
I will say that if I buy another compressor, it will be oil-lubricated again. That seems to me to make so much sense and to be such a big advantage.