I love the 128GB option for a secondary machine. If I had an iMac for the horsepower and storage and an MBA for on the go, I probably wouldn't need more than 128GB on the latter. Heck, I'm barely getting the 16GB on my iPad and iPhone full.
A friend of mine bought his first Mac last fall and despite everyone's advice went with the 128GB. He calculated his SSD needs and - as he is an avid photographer - came up with an enormous amount, way past even the top tier 512GB option.
With this in mind, he decided to rather constantly hook up a 1TB external drive for his Lightroom and iTunes libraries and save some money by only buying 128GB internal storage. Mind you, this works for him, because he doesn't use a lot of different software and the data that's eating up his storage can easily be stored and used via an external drive.
I can't imagine any scenarios other than these two, in which 128GB would be sufficient. Myself, I'm struggling with 256GB on my main machine.