Mark,
Before you make your final decision, I recently purchased the HP-Ch after a lot of looking and thinking and have been using it for a few months now.
I was sceptical about the use of the MAc initially but despite having the Omega Compressor that has a good pressure control regulator, I have found myself using the MAC in tandem as well as the pre-set control on the back of the airbrush and have found that it does offer some advantage over just altering the pressure at the compressor.
With the MAC, I have been able to use exceptionally thinned paint at approx 90% thinner and 10% paint as well as altering the flow to suit things like shading etc. I find that the MAC offers optimum control and is able to be used as I work, without having to start trying to find 3 hands, to play with the regulator on the compressor. Having the control at your fingertips allows you to make finite adjustments to suit airbrushing different areas of the model & having played on white paper I have at last found the ability to get those really fine line camouflages that were used on German vehicles, without so much of the normal overspray that I have experienced in the past from the selection of airbrushes that I have used over the past 20 years.
The point is if you have it, you can start to use it as you devolop new skills, but also have the choice of leaving it open if you wish to spray wide areas.
I have no regrets in chosing the CH, my only regret is that I did not invest in one some time ago.
As an aside cleaning is so quick it is not funny, I would recommend investing in the Iwata-Medea superlube as it does not effect the paint, but certainly keeps things flowing smoothly.
Whatever you decide I am certain you will be pleased when you start using an Iwata.
John