OK, I am not a Generator expert, but I have just finished a two month long project of selecting, purchasing, and hooking up a new generator to my house for emergency purposes and can share what I have learned.
After Hurricane Irene hit us this back in September (I believe) we were without power for 6 days, and after the hot water ran out and we threw out over $600 dollars of food, the "fun" was over! I said never again, and went ahead with the task of getting self sufficient.
I purchased a 10,000 watt American made Generac XG series electric start gasoline powered portable generator. One size does NOT fit all with these things. I had to calculate the wattage (amperage actually - then converted it to wattage) to determine what size I would need. I was interested in being able to run most of the household appliance and lighting, as well as being able to run the pool filter in the summer. I know a pool is not an essential thing, but when the weather is very hot if you don't run the filter and chlorination system for a week or two you will wind up with a "swamp".
I was also interested in running at least one of my Central A/C units during oppressively hot weather and wanted enough power that the generator could run all the time without being strained and without running at the maximum output level.
You need to calculate what the draw will be, then step up from there. Most generator companies rate their generators at half wattage usage. In other words they will state a unit might burn at the rate of one gallon per hour at half the rated wattage output. You don't want to run a generator for any extended length of time at much more than 50% capacity.
Then you need to figure out if the appliances or tools will be run on 240 or 120 volts and see which models will accommodate your output needs. You also have to determine what is in your generator budget. The Honda generators are excellent, but for the most part they are mid size units that are ridiculously expensive. I bought the contractor grade (XG series made in America) Generac unit which is a larger unit and is much more reasonably priced. The only downside to the unit that I purchased is that is was not as quiet as the Honda, but then again its output was double, so I would expect that a larger, more powerful motor would make a bit more noise. In my case this generator won't be used much since we do not loose power often, and my home is on an acre of land so the noise factor was not a major concern.
I store the unit in my garage and "exercise" it twice a month. I have already turned off the street power to my home and tested the performance of my generator; I am happy to report it does everything I wanted it to and runs at a very acceptable power level becasue I did do the research before buying to determine the proper size unit. In my neck of the wood we don't loose power often, but when we do it is usually for an extended period of time. I'm now prepared!
Hope that helps a little.
Chief38