I guess I'm confused as to why you guys are so fixated on graphics performance of the ULV Sandy Bridge CPU when you freely admit that general performance will be better. I thought the MBA transcended specs and was more about the experience? If the experience is going to be better, what is the hang up? The target audience isn't expecting a graphics powerhouse. HD3000 will be fine.
The difference, though, is that the current MacBook Air is actually capable of light gaming. If it gets a slower version of the chip that's in the 13" MacBook Pro, it likely won't be capable of gaming. It isn't that specs aren't important. It's that the current MacBook Air was the best compromise available in October 2010. A switch to Core i5/i7 just for the sake of keeping up with the "specs" of the competition would in some respects be a step backward.
I think that by the time we get to Ivy Bridge, the IBP will equal or better the 320m, and thus be the best compromise available at the time. That isn't entirely clear at all with the Sandy Bridge chips. They are fine in the 13" Pro which uses the regular voltage chips, but if the graphics in the ULV Sandy Bridge are a step back to the 2008 Air it is a legitimate question. It isn't about being a graphics powerhouse. The 320m isn't a powerhouse chip. It's adequate for the tasks given to it.