I really don't understand the 16:9 display on it. First, it requires an odd bezel; it just looks wrong in terms of the bezel widths on top/bottom and sides. Second, I think this should be the 13" MBA. The MBA they call the13" should be a 15". What in the hell is wrong with Apple when it comes to these ridiculous bezels. An otherwise beautiful laptop could look stunning and make great use of space, instead of just wasting that bezel space that could easily fit a much bigger display. I see a thin bead of aluminum that makes a great edge to lift the display and would fit the otherwise greatness of the design.
I would upgrade the CPU to a 2.13 GHz as is found in the 13" MBA. I would add USB 3.0 ports. I would also figure out a way to put mDP, USB, and power on one side of the MBA; currently connecting a 27" LED ACD is just wrong with cables going to both sides of the MBA.
In terms of price, I don't think we should complain. Apple reduced the RAM and NAND Flash storage down to get to target price. What I would definitely change is add real RAM slots and allow people to buy and install their own RAM and NAND Flash storage. I also think since Apple is already using a three-year-old CPU, it should just include the max CPU capable. Meaning that maybe there isn't enough cooling to get my desired 2.13GHz C2D in there, but we know a 1.6GHz C2D will fit. Eliminate the upgrade and just include the 1.6GHz C2D. This wouldn't cost Apple anything other than opportunity to sell the $100 upgrade. The way pricing works for these, Apple isn't paying more for the 1.6GHz.
In reality the upgrade everyone talked about at launch was the failure to use a Core I-series CPU. With the Nvidia/Intel resolution and Nvidia now having left the chipset business, I feel Apple needs to find a way to use discrete GPUs or BETTER yet could be an AMD CPU and GPU combo. I would not buy an MBA with Sandy Bridge CPU that uses the integrated GPU as the sole graphics solution. We would be much better off with AMD CPU/GPU systems. I just hope that Apple can figure out a way to make the low-end Macs seem worthy of high prices without the most marketable Intel CPU in the Macs. The problem is people's perception of Intel as high end when their graphics is disgustingly inferior to the 2.5 year old Nvidia 9400m. If they can get it through customers heads that AMD CPU/GPU is a much better Mac than Intel for CPU and IGP, we could all benefit greatly from a switch.
Finally put an LCD in the trackpad, and make it a true touch display that is easy for the user to touch exactly what they want to do without needing to touch the display itself which is awkward and not ideal. I think this along with Retina-type displays is where Apple should differentiate Mac dieter from PCs.