My 2013 11" i7/8gb/512gb MBA still works well in general, but the trackpad has issues. I prefer a mouse anyway, so I haven't tried to fix it. Still on the original battery. Less runtime than I originally had, but still quite usable.
I don't run FCP on that machine anymore, but I use it on a 2012 quad core Mac Mini Server (which only has an HD4000 graphics chip) and it's just fine for my usage with 1080p30 video. I guess the quad core CPU makes a difference (at least twice the geekbench rating of the MBA), and the cooling is also better than a laptop.
This is by far the longest use I've gotten from any laptop. I don't travel much anymore, so it mostly sits on my desk. I suspect its days are numbered, but I'm not in any rush to replace as long as it works.