I bit the bullet, after having read the comments on a total of 3 painting forums, and looking around in stores where I live and on the internet I ended up buying the GW spray gun because it was the most affordable quick fix to my immediate problem. I managed to try it out this evening as well and you can read my thoughts about the product and quality on my blog.
In short it is worth it, but it should not be considered as much a airbrush as a way to basecoat large amounts of models with a custom paint of your choice.
I also want to thank everyone who answered my GW spray gun thread on TMP, LAF and SteveDeanPainting forum.
http://anatolisgameroom.blogspot.com/2011/04/gw-spray-gun-review.html