Macs work nicer when there is substantial un-used space on the drive, for whatever reason that OSX makes use of the un-used space in its operations. In my experience, having a 50% filled drive gives wonderful speed. Even at 75% filled it is fine. When you get closer to 90% full - which I've had when filling the drive with photos on an overseas trip - you start to notice things slowing down. In other words, in a 128GB drive, if you don't want to go over 80% full, you really don't have 128GB of storage - even taking into account the space needed for OSX.
Also, when I install Parallels/VMWare Fusion, that takes up about 30GB for my configuration, or more if you have a lot of Windows software. I'm left with very little disk space for everything else.
Hence, for me, 128GB is far too small.
For that reason, I'm getting rid of my 128GB MacBook Air, and waiting for the Ivy Bridge models. The 256 GB drive will be my minimum.
Also, I've experienced the speed of 8GB RAM memory, and so I'd want 8GB on the new MacBook Air too.