Folks must realize that not all motors are really what they say they are either..Lots of guys end up with take off motors that say 1 1/2-2 hp but only draw 8 amps(WHich means it aint 2hp)..We had a thread a while back where some of us did the math on amps drawn vs rated HP and such..Heres a post I made about it a while back..
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I think that some newer motors are rated on "peak" power, not continuous. It takes "x" ammount of amps to get "x" ammount of watts to matter what you do.No motor can do otherwise.Volts*Amps=Watts, Watts/Volts=Amps
Heres a formula I found..
voltage x amps x efficancy
hp=----------------------------
746
Meaning if you have a motor that has a 70% efficancy rating, uses 125v and draws 9 maps its hp would be 1.0 hp..
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Baldor uses the formula voltage x amps x efficancy x power factor= output watts..baldor does list thier efficancy and power factor on the nameplate, or they did anyway..
heres a link I found about air compressor motor ratings...
http://www.asedeals.com/air_compressor_faq.pdf
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Most every website I found uses a loose guideline of 10 amps per HP on 115v and 5 amps per hp on 220v..