I just finished getting my new 11.6", i7 (Ultimate) configured and running. Yes, it does seem to run a little hotter than my 11.6", Core 2 duo (Ultimate) did. The fan was running while I was using Migration Assistant to copy over my files, and the bottom got fairly hot, I don't recall that ever happening with my previous one. But, I used a PDair leather portfolio cover on it so I may not have noticed it. I just took the cover off my old one and put it on my new one now.
Now that I am giving it some normal use it seems to be running at the same temp, not hot to the touch like it did when I was doing a lot of file transfers.
It is a LOT faster though, so it is well worth a lithe extra heat. And having double the SSD.... and the backlit keyboard, priceless.
BTW - I was running Lion on my previous MBA for the past month (developer), didn't notice it running any hotter then.