You will love your Compact. I grew up with a C2 from 1954, and presently own a TriStar CXL, which is basically the same machine, with some upgrades (like a power nozzle) that bring it up to modern standards.
You've got triple filtration on that machine (paper bag, cloth bag and motor filter), and very powerful suction. Nice piece of equipment, and it will be around long after any new vacuum has come down with blown electronics and cracked plastic.
If I can make one suggestion: Get yourself a modern vinyl hose to use everyday if you intend to use this machine as a driver. That will keep that irreplaceable woven hose in good shape for display.
P.S.: A lot of parts for TriStars fit your machine perfectly - if you need to replace a part, the CXL/DXL/EX-20 parts lists are the ones to look at. TriStar Canada is way easier to deal with than TriStar in the U.S. - Canada will sell to you direct, and the parts diagrams are online. U.S. will refer you to a TriStar dealer, and it's kind of a pain. Here's a link to TriStar Canada; just click on "Order Parts" to get started:
I think that design continues to endure because it is so simple and straightforward. At the same time, it is powerful and filters well in its standard design. Very nice find! You'll really enjoy it. I too have a CXL that's two-tone taupe and blue.