Works great for tires. As for air tools I have used an impact gun on it to remove lugnuts and other things. Will also run an air ratchet for small jobs. Haven't tried an air grinder on it yet but probably would have enough air to cut maybe a 1/4" - 3/8" bolt before draining the tank. Like Kyle said it has a high PSI but it's only a 2.5 gallon tank so it drains pretty quick with air tools.
Mainly I bought it to use on the trail, but I like also to use it for quick things at home instead of setting up the larger shop compressor and having to wait for it fill. Though if I were doing some major disassembly of something on the truck at home the larger compressor is more appropriate.
I probably could have bought some nice cordless tools for the same amount of money I put into it but I figured I already had all the air tools and I'd also get the capability to inflate tires.