I've been using my stock 1.6GHz/80GB MBA for the past week and a half now and it's been by far, the best apple notebook I've ever used.
I want to give you a bit of background on my computer usage. I've been using apple products for a little less than 5 years now. Notebook wise, I've owned a 12" PB/867MHz (sold, got too hot), 15"PB/1.25GHz (LCD cracked and died) and a 15" MBP/2.0GHz CD (logic board just went). Desktop wise, I've owned low end CD Mac Mini (forgot the CPU speed) and now a mac pro. This machine is flat out awesome. It fits the niche that it is meant to fill - the student that is always on the go, the business professional that is on travel half the year, a person that wants a laptop and none of the bulk that uses it only for internet, email and light CPU usage. I am #2. I use my mac like everyone else - for internet/email/productivity/itunes, etc, use parallels for MS project, watch movies that I've handbraked etc. I don't use it for CPU intensive apps like final cut, MATLAB, Mathematica, etc.
For me, this machine fits the bill. You are probably asking, why is he saying that this is the best apple notebook he's ever used? Weight is #1 on my list when carrying around a computer. When the 15" PB came out - I found that to be a great compromise of portability and power. I had the opportunity to buy the 17", but I am on a plane or train so often, it would never fit on the damn tray! People laugh when I tell then the 3 lb difference means a lot when I'm travel, but IT DOES. Walking in an airport or on the metro, the less the better. So weight wise, this machine is nirvana.
Performance wise, it's snappy enough. It isn't as fast as my old MBP and I do miss the extra real estate on the screen, but like I said, weight savings is #1 in my book. Like I said, I run the apps mentioned above and if you are a power user, this isn't the machine for you. I have the luxury of having a mac pro at my work desk because I am a pseudo IT guy, so anything that I need to run that requires CPU or CPU heavy lifting, I just do it there. If this is going to be your main machine, I'd really think about what you are going to use it for before you break out your credit card. Granted, its a new machine and all of us that open up the box and use their new mac is always snappy...but for now, its a great machine for what I use it for. In addition, I notice no change when plugging it into my 24" monitor at work - no lag time with the Intel X3100 graphics (there was noticeable lag when I was using my friends older macbook) - this is probably due to the difference in graphic chipsets.
Feature wise - I love the full size/backlit keyboard and its feedback is among the best out of any keyboard I've ever used on a mac. I love the 13" screen. I used a 13" black MB as a loner mac during the two months that my 15" PB was dying but the LED screen really does make a difference and the weight savings is a dealbreaker. I do miss the screen real estate, but I wouldn't change this machine a bit (I saw a thread about a 15" MBA - I think that would defeat the purpose of an ultra-portable.) You do compromise on the 1 usb port and non user replacement batter - but who cares. Get a hub. End of story. Get applecare that will, in the end, pay for itself in the form of a replacement battery.
There is a thread in the MBA forums - "he real point of MacBook Air - and why everyone is missing it." It's mostly haters that it's so expensive, there's only 1 USB port, you can't replace the battery, blah blah blah. I think that everything that I've mentioned in my post surely justifies the purchase. As a working professional that needs a lightweight notebook that will perform day-to-day tasks and can sacrifice screen size/limited ports/no ethernet without using the USB etc, then this machine is for you. If not, Apple has 2 other notebooks that will do the job. But people find a reason to complain anyway...
So anyway, do your research when buying anything new! IMO, this machine ROCKS and for what I need it for, it fills the bill perfectly.