You normally are right on mark, but I really think you're missing it with the problems of SB IGP. I think you and many others are hopeful and optimistic but not realistic when it comes down To Intel, SB, and the differences between the IGP even when labeled the same. I hope Apple does the right thing for all of us and believe they can use the MBA to forge the future of Macs rather than just have it follow the 13" MBP. I also think it's wrong to expect updates in the MBA in less than eight months when even the MBPs are nearly on year long cycles. I have been an MBA fan since the beginning, and it's not easy to be a fan with unreliable update cycles.
I would consider myself as a realistic. I have seen the benchmarks and I am well aware of the fact that it is indeed slower than the 320M. Still, that didn't stop Apple from using it in the 13" MBP and it won't stop them from using it in the MBA, even though the LV and ULV versions are even slower. I'm not saying the IGP is good or something that I would love to have but seriously, I can't see much other options. Whining about Intel's unethical business models won't suddenly bring us a NVidia IGP.
In the end, MBA's user base does not consist of heavy users so the Intel IGP will be fine, just like the current C2D is. Apple sold over one million MBAs in Q4, even though some people and reviewers complained about using the ancient CPUs. Performance is not the point of MBA. I agree with you that it is plausible that Apple will just wait for Ivy Bridge, as long as they have enough C2Ds to keep the supplies steady.
AMD is feasible but I don't want to overfeed myself with hoping. Even if Llano was as good as it looks like it will be, there are other issues as well. AMD's development has been much slower and unbalanced compared to Intel. Plus, it looks like Apple will add Thunderbolt to every Mac and that requires an Intel chipset. It's possible and actually, I wish Apple offered Macs with AMD but I can't see this happening.
I just think you are hoping too much and see MBA as a more important product for Apple than it really is. I saw your hopes for iX + discrete GPU combo before the last update and it didn't happen. Why would it happen this year? Even if it is possible in terms of space and thermals, it doesn't mean that it will happen. Apple followed the 13" MBP in the previous update and my guess is that they will do it again this year.
If the update is better than what I expect it to be, then great. However, I'm not going to feed myself with over-hoping. It's better to be positively surprised than disappointed.
I checked it myself when I had an 11" air (don't have it anymore).
Anand's review of the 11" air also mentions the 450/950Mhz number as well:
http://www.anandtech.com/Show/Index...ug=apples-2010-macbook-air-11-13inch-reviewed
You can see the 11" air is slower the 13" macbook pro, most likely held back by the memory bandwidth (800mhz vs 1066mhz) and bottlenecked by the low CPU speed.
Barefeats also mentions they run at same clock speed:
http://barefeats.com/mbpp30.html
Hmmm, that's odd. I was certain that it would be underclocked. Nice to see that it isn't though.