Harbor Freight has gone through a transition over the years. They used to be the cheapest tools around, the epitome of "cheap Chinese tools" I actually bought the Harbor Freight version of a reciprocating saw years ago and and loaned it to my neighbor before I before I had used it. He returned it not in working order. It had nylon gears in it and all the gears in it stripped out. It was only $25 on sale as I recall.
I have had an air compressor from Harbor Freight, the compressor and motor are fine, it is the peripheral pressure switches that leaked like a sieve!
I also had a 1 by 42 belt sander that was not bad. I bought it at a moving sale for $25 to use as an extra belt sander. I gave it to my dad or my brother and they still have it.
They have sales all the time and promotions and if you watch them you can get some pretty good deals and nowadays they stand behind most of their tools just like Craftsman did.
If I was a professional mechanic these days I would avoid their tools for the most part, thought some of their higher grade hand tools might be alright. For the homeowner / hobbyist their tools are for the most part quite acceptable and definitely priced right.