iSight camera? But they do have a camera on them. Firewire was never on the Macbook Air. The only thing previously on the Airs that isn't anymore is the Backlit keyboard and perhaps the battery indicator. The new ones added a 2nd USB port, and the 13" adds the new SDcard slot, for the first time on an Air.
However, the new Airs offer a new more robust stereo sound system built underneath the keyboard. Which offers built-in spacial stereo sound. A vast improvement over all of last year's unibody models that were smaller than the 15" MBP.
The loss of the sleep light may have been a space decision, as well as a necessity decision. There's no purpose to have a sleep indicator when the machine has no moving parts. The real purpose people used the sleep indicator was to tell when it was safe to pick up and freely move the laptop. Only then were you sure that the internal drives were shut down. Now, you can pick up the unit anytime you want and hold it at any angle without wait, sleep, or shut down.
Though I think if the decision was between better sound and backlit keyboard, I think they probably should've went with the keyboard. I think that's more important to the traveller. However, if they are seeing this as something to eventually replace the regular Macbook line, maybe I can see the reasoning. I think it's too early for that. This is still the *traveller's* machine. While a lack of backlit keyboard is doable, it is a nice convenience for dark airplane rides. Rides where you definitely don't share what you're listening to via loud speakers.