I really like the new MacBook Air. As a Canadian, here are a few "smaller" notebooks that are available for me to choose from (this is by no means an exhaustive comparison, but just a quick look at what other laptops I could get):
MacBook Air, C2D 1.6 GHz, 2 GB Ram, X3100, 80 GB 4200 RPM HD, $1799
Sony VAIO VGNSZ650QC, 13.3", C2D 2.2 GHz, 2 GB Ram, GeForce 8400M, 160 GB 5400 RPM HD, DVD Burner, $1999 (no bluetooth"
Panasonic CFY5, 14.1", "Intel, Low Power L2400 Duo Core and 1.66GHz Processor Speed", 1 GB Ram, DVD burner, Intel 945 graphics, "Weighs only 1.5 kg and measures just 3.3cm thin for easy portability", $2499. (no "n" networking, no bluetooth).
Dell XPS M1330, 13.3", C2D 2 GHz, 2 GB Ram, LED screen, 120 GB HD, X3100, wireless N, etc., $1489.
ThinkPad X61, 12.1", integrated graphics, 2 GB ram, bluetooth + 802.11n, $1403 (no optical drive)
I just glossed quickly at some specs/prices to see what I could find (in Canada). I work at Futureshop and there's a 12.1" LG Laptop with a DVD Burner, C2D, 2 Gb ram, and windows "sideshow" on the lid, and it goes for $1999. There's also a similar Sony going for $1999 but I can't find either on the website...Hmm..
So yes, while the MacBook Air may be pricey with not as many features as the other notebooks, it gains in some areas (wireless N networking + ultrathinness)
It's not a "travesty" what apple is doing - their price is competitive, but the X61 is a better "deal" in that it pretty much has the same features yet it is cheaper.
The Panasonic is a crazy rip off if you ask me. The Dell and the Thinkpad probably offer the best "value". The Apple premium comes in when you look at the design - the MBA is undoubtedly nicer and cooler, and you can expect to pay for that.
I've never used more than one USB port at once on my MacBook Pro, and have only used the ethernet jack when testing out a new router. I've never used the express slot, and have only used my optical drive to install software really. The MacBook Air would have been a nice machine for me at the time, but when I bought the pro, it was so much of a better value than the MacBook. I think to be more competitive, Apple should include the external superdrive, the ethernet adapter, and the Apple remote.