This is not a replacement for the old MacBook Air, it's a new 13" MacBook
The old Air had an i5-5350U 15W CPU, where as the new Air has a Core i5-8200Y 7W CPU
No Touch ID [Added]
MacBook Air (128GB) - i5-5350U 15W CPU - 999$
MacBook (256GB) - Core m3-7Y32 7W CPU - 1299$
Touch ID [Added]
MacBook Air Touch (128GB) - Core i5-8200Y 7W CPU - 1199$
MacBook Pro nTB (128GB) - Core i5-7360U 15W CPU - 1299$
That means that the current MacBook Pro nTB is really the new Air if you looking only at performance (better cpu, gpu and screen). It's not worth it to buy the new Macbook Air Touch, when you get an MacBook Pro nTB for only 100$ more. The only things you will be missing is 3. gen keyboard and Touch ID.
*I added a further distinction
Your comparison is very helpful.
It seems Apple thinks that what sold the MBA was the "Air" moniker. Apple fails to realize that what sold the Air was the selection of ports and price point. Now the Air has neither and worse, sports the ever unreliable butterfly keyboard. I would also gander a guess that the performance of the new MBA is at best on par with the previous MBA iteration.
I agree with those who think Apple has lost its way with its portable line. Consumers are going to be confused and I doubt most Apple Store employees know or will discuss the differences in CPUs with potential purchasers.
My concern for anyone buying an Apple laptop is that it seems that Apple is content to continue to use up its existing stock of Gen 2 keyboards on the MB and the MBP nTB. These two lines should be updated to Gen 3 or discontinued, but Apple will continue to knowingly sell people faulty hardware--even the third generation keyboard is having issues! This only leaves the original MBA and the new MBA, the latter of which is too pricey for a 7W CPU and it now sports the unreliable 3rd-gen butterfly keyboard. Consequently, the only one of these which are worth purchasing is still the old MBA (reliable keyboard, lower price, good selection of ports); however, the value proposition is very low considering the age of its chipset. I would never pay MSRP for it.
Leading up to this update, Apple had what amounted to three ultra-book lines.
MBA, $999, 15W CPU
MB, $1299, 7W CPU
MBP nTB, $1299, 15W CPU
Apple should have simply combined the MBA/MBP nTB lineup into a new MBA line so that the MB represented 5W/7W CPUs and the MBA/MBP nTB represented 15W CPUs. Updating to quad-core would have been fine because the distinction between the MBA/MBP nTB and the MBP TB lineup would have still maintained key differences:
MBA/MBP nTB: 15W quad-cores, Intel iGPUs, 2xTB3 ports, lower spec screen (22560x1600, no P3, 300 nits)
MBP TB: 28W quad-cores, Iris Plus, 4xTB3 ports, higher spec screen (2560x1600, P3, 500 nits)
But here is the rub--the ONLY reason for the current confusion in the lineup is that this is a temporary measure to bridge the current Macs with the ARM Mac reveal at WWDC 2019. Apple is viewing the current lineup in terms of profit, and so is not viewing its lineup from the consumer's point of view. Thus the new MBA is reusing the MBP nTB case but adds TouchID, the cost of which is offset by using a lower powered processor and chipset. This maximizes the number of parts used between lines to minimize the cost (BOM) of the new MBA. Apple believes this update (especially the screen) will appease the masses until the new ARM Macs are announced this coming June.
*The unsubstantiated claim by Apple at the media event that its A12X performs better than Intel's i7 and that its GPU matches the performance of Microsoft's Xbox was a hint to those who have ears to hear.