Iwata now makes a budget paint gun for about $130. Great Reviews

For those with hvlp guns already, what compressor do you have? I already know mine wouldn't handle painting, just small nailers and whatnot.
You really should have something with a two stage pump and at least 60 gallons of air. Then you need to pay attention to the gun requirements.

HVLP = High Volume, Low Pressure... Volume is key, so CFM of the pump is important as well as a hose/fittings rated for those requirements.