I use a Paasche air eraser.
Works quite well for a lot of different tasks. If you want to remove stuff like decals without damaging the paint under it - an air eraser allows you to do as much. If you want to hit metal or resin figures to give them a very smooth finish for high end painting - an air eraser will do as much (and much faster than hand sanding). If you want to strip paint to bare material but can't use a regular stripper (enamels off something that dissolves in most strippers) - an air eraser will do it. Weathering wood in order to make it look like old barn wood - air eraser. Weathering paper for old poster looks - air eraser. Etching glass - air eraser. Carving stone - air eraser....
Really a very versatile tool.
You do need a good bit more pressure and volume available to get the most use out of them. Normally I don't go anywhere near 100 PSI (50-75 for most work). Sometimes I work as low as 30-35 PSI (stripping decals and weathering paper). My house air is supplied by an 80 gallon upright though which is able to provide 140 PSI - 16 cfm at 90 PSI. More than what your average hobbyist will need, but I have a proper sandblaster, HVLP guns, pneumatic tools and all the rest which have greater air demands than what a hobby compressor can provide.
You may want to get some of the finer grade aluminum oxide. Although it flies everywhere - you don't need as much air to do the same amount of work. In order to help keep it under control - you can buy a small bench top cabinet for $100 or so or you can make your own.
http://www.finescalerr.com/smf/index.php?topic=1215.0