I'd say it depends. I hear the previous GW thingy was a real stinker. I would be guessing the new one won't have a good price/quality ratio either? Haven't seen the new one actually.
You can get pretty decent airbrushes that are replicas of quality air brushes. They're usually made in China or Hongkong, and they're sold in DIY shops (at least here they are). I got one dual action brush, and it's pretty good actually. For a beginner (I assume you're one), this is good and cheap way to start learning AB, and then later you can get a better one, and use the old one for priming etc.
A compressor would be advisable. You can get them cheap at DIY stores, but they're rather loud. Quiet hobby ones can be expensive, but there are cheaper models as well. The cheap ones usually don't come with an air tank, or the tank is very small. It's really up to you, but I promise you will soon get tired of the air propellent cans, and want a compressor. If you can afford it, buy a compressor. Personally, I'd sooner buy a decent compressor and cheap AB than the other way around.