Yes, the cost of air tools and a compressor to go with it is much better than buying all the equivilant tools in electric format.
This all came about as I was hunting an electric Die Grinder for ages. Ebay, they were going for =A375 upwards for second hand ones! I kept waiting and waiting but eventually realised I may as well buy a compressor, which has more than one use...air tools are cheap, my die grinder cost me =A310 delivered...plus there are many other tools available at low cost compared to electric equivilents.