I will say that while my Air Lift compressor is an earlier (wired version), it's been in use for around 15 years now on my 1997 Ford 350 and I've never had any issue with it at all. I have the under dash mounted pressure gauge and the rocker switch to increase the pressure plus an air release to lower it if I want to.
I'd say 15 years of use without any issues is a good testament to it's longevity.
Mine has an adjustable pre set to maintain air in the bags at all times which is necessary to keep the bags from getting kinked between the upper and lower pedestals. I have mine set at 5psi but it is adjustable. Original bags too and they show no sign of cracking or deterioration.
Mine is inside the cab, mounted behind the back seat. I'm very happy with the entire system and have been for a long time.
Yes, I installed it myself a long time ago. Not hard really. All the fittings are push to lock, just a matter of curring the syn-flex tubing to length and securing it to the frame.