Most of the smaller compressors have similar pressure limitations as your present unit, 125 PSI. They feature a single stage compressor, which is a compromise between features and costs. There are a couple of manufacturers that do offer higher pressure units. Here's one in your price range:

http://www.sears.com/craftsman-20-gallon-vertical-air-compressor/p-00916913000P?sid=IDx01192011x000001&kpid=00916913000P&kispla=00916913000P

He's a lucky father.

The larger the tank and the larger the SCFM of the pump, the more valuable the compressor will become. The contractor styled tanks are good for pumping tires or driving nailers. However, they fall on their face when attempting to use any rotary tools like a grinder, impact wrench or spray guns. Once you own a competent compressor, you will find many tools, reasonably priced, that can make your life much easier.

You already have one small compressor. For the modest cost of another, you can purchase one that you won't again out grow, and which can become an infinitely more valuable tool. The first thing to look for is a larger tank, a 15 or 20 gal unit will provide the volume to easily power most tools. The newer compressors can put out higher pressures than many of those available a few years ago. Because most tools are run at under 100 PSI, a higher pressure unit can be easily regulated to furnish any tools' requirements.

Oil less compressors are generally less expensive to purchase than similarly spec ed oil lubricated types. They are noisier, and won't last as many hours under a load. They run hotter as well. But for someone who is a homeowner and not using the unit commercially, they work very well, and have a definite price advantage. Also they generally are lighter and can be easier to move about.

Here's another unit you might consider. It is a high pressure compressor with a larger capacity in the same price range you mentioned;

http://www.lowes.com/pd_340273-43657-HJ300100DI_4294795216__?productId=3341300&Ns=p_product_qty_sales_dollar|1&pl=1&currentURL=%3FNs%3Dp_product_qty_sales_dollar%7C1&facetInfo=

If you are purchasing a second compressor, I would definitely consider one with a higher capacity pump, and especially one with as large a storage volume as you want to afford. You don't want to out grow the second one as well.

I have the Dewalt 200 psi pictured in your link.  I use it on construction sites.

It is a LOT quieter than my PorterCable 135psi Pancake compressor.  I can't speak for running paint sprayers or air grinders. But from the standpoint of being more pleasant to be around. I sure prefer it.