I now understand what all the fuss is about. Having held the machine (can you still call it a machine?) in my hands, it really feels like you're holding an envelope or A4 folder. It's that light and thin.
When you think about that experience, the lack of ports and slower core aren't such huge stumbling blocks anymore. And I hear from programmers that it's good enough to do most of the things you want to do (including coding). So contrary to my earlier beliefs, it's not a "secondary laptop for bringing on business trips or showing off at Starbucks."
Don't get me wrong, I'm not a convert yet, and the cost is still a bit steep for me. I'm still happy on my 12" G4 Powerbook and prefer the smaller footprint. But I reckon there's a big future for the macbook air product line, and the market appeal will be wider than I first imagined.
Personally, I'd wait to see the next revision of the air - probably faster core speeds and bigger drives at the same price point. But if you want to get hold of one now, Multimedia Integrated (Funan Centre) has them in stock at S$2988 and S$5088.