If we're talking games, it's more than 10%. Call of duty alone is 20+ FPS faster. Even in games like Modern Combat 2 from the app store, you will notice a difference. Although, if your going to use Windows to game, the 1.86 will really be much better to have. Even the most updated drivers are no match for the 320m. Only if the game is truly CPU hungry will use see the HD 3000 come close. Example, YouTube Skyrim MacBook Air and compare the HD 3000's with the 320m's.
Intel is working on CL and a few other extensions that will help down the road. But they are slow at updating their drivers and are speculated not to flip the switch on some of the real enhancements until Ivy Bridge.
Get a 2010 if your going to game and wait for Ivy Bridge revision this summer. If your not doing heavy photoshop, video compression or just surf and use office daily, get the 2010. MacMall has some stupid crazy deals on new 2010's right now. 2010 13" Ultimate for this years entry price.
For me, I chose gaming and battery life over raw speed. I just don't feel the need to convert videos on the Air when I have a desktop for the heavy lifting. You could also compress while you sleep, making this need less important in the overall picture. If your a professional that needs to do this sort of thing on the fly, the 2011 is the better machine. Although, I would opt for a 15" Anti-Glare if I was doing this sort of thing on a daily basis anyways. (Ram, Speed)
The HD 3000 make me feel like the 2011 MBA is over priced. (All laptops for that matter stuck with the HD 3000) Intel really needs a reality check. Kicking other GPU manufactures off thir chipsets was a big mistake. One filled with greed, control, embarrassment and envy. We all lost... Thanks Intel.