I personally don't think a plug-in impact is worth much of an investment. I have yet to see one that can really be an "impact", but they are really fast convenient, and quiet for air ratchet-type applications. We've had a couple at work before from various brands. They've all seemed to perform similarly. The big complaint I have is that they're so damn big. They're heavy too, but the big problem is that they're frequently too big to fit in places where you need them.
I picked up the Harbor Freight one and used it for a week a couple months ago. I clipped a coupon out of a magazine and got it for $50. It worked really well for the price, and it handled lug nuts and the 165 ft-lb axle nuts on the IFS truck fronts (I put them on with a torque wrench and ran them on/off and tested a few times, it worked fine but I wouldn't expect a whole bunch more out of it). I wouldn't have hesitated to keep it, but a friend gave me a compressor so I bought a Nitrocat (which totally kicks ass), and I returned the HF one since I wouldn't need it anymore.
If I could afford a good cordless, it would probably be my most heavily used tool. It'd definitely take a load of my favorite 1/2" ratchet. I'd recommend a cordless since you won't outgrow it, but I know that's out of most of our budgets (mine included lol). Really, you can get a good IR impact new for ~$130 online, so I can't really recommend spending that much on an electric. If you found a plug-in electric for under like $80 though, I think that would be a good deal. Like I said, they're a really great tool, it's just that a pneumatic will blow its doors off for pretty much the same price.
I don't know what kind of compressor set up you've got, but you could always just add a portable air tank to it to help it out. I used to use a little 4 gal. $100 unit from Costco (oil-lubed, actually was a pretty good deal and it's small/light enough for the girlfriend to put in her car). If I plugged an 11 gal portable tank in to it, it would run my air hammer, impact, etc. without too much drama.
Wait, what happened to this?
http://coloradok5.com/forums/showthread.php?t=289550
That should run an impact just fine. You might have to let it catch up a couple times if you're trying to run 32 lug nuts off and back on as fast as possible, but the compressor I have now is the same size tank and I can hammer the impact on full bore for probably 30 seconds before it gets below 80 and it kicks on.