GPU overheat
OK i'm pretty sure it's something GPU related, at this point. I'm on my second MBA (first one had even worse problems when cores would drop and cause lockups), and i can run "yes test" from a cold boot for an hour with no core drop... but once the machine is warmed up, running an HD trailer (or two, if you want to see it happen faster), or more tellingly running a Tremulous timedemo, causes a total core drop. Once the core drop happens, it's pretty quick to reproduce if you only let the computer rest again for a few minutes, but the temp of the CPU seems to have little or no bearing on when it happens. And being hooked up to an external monitor makes it happen quicker still.
I'll do a little more research, and if I'm coming up with reproducible results I'll upload my Tremulous files and instructions to test it yourself (i'd expect 10-30 minutes of playing any OpenGL based game would probably give you similar results, if anyone can confirm that). I might even do a wipe of my MBA tomorrow to test if the Leopard Graphics update might have something to do with it.
This would be a lot easier to test, also, if there was just a way to make XBench loop its openGL test infinitely... i might whip up an applescript for that, as it's much smaller and easier to run (although unlike the Tremulous test doesn't really test any real world application).
Basically it comes down to this: I want to be able to know I can plug my Air into my TV and watch a full-length H.264 movie I bought off iTunes, or that I can play a round or two of Quake 3. If a core drops and video starts to stutter after anything less than a few hours of doing that, at room temperature on a desk, then my $1800 air is just plain junk.
Core dropping should be protection in the case you're doing something outright wrong, like using the Air in 120 degree weather in direct sunlight, or blocking the exhaust vents with something -- it should never, ever, ever happen just because you're "working it really hard". I bought a dual core 1.6 ghz intel -- not an effectively 1.6 ghz single-core only usable as dual core when i'm not doing anything with the GPU.