I mean, the Air was an actual computer. This is just a tablet's logic board bundled with a buck load of batteries, with a keyboard slapped on it and a screen attached.
Aside from the 8 gigs of ram and the extra capacity this is a tablet...
??? The original MacBook Air had a single USB port and an underpowered Core 2 Duo that ran so hot most of the time only a single core was running. People panned it since it cost so much more than the MacBook, which was "only" 1.5lbs heavier and so much more powerful with the SuperDrive, FireWire, and extra USB ports. The MacBook Air was going to be one of Steve Jobs' biggest flops, if you go back and read the Macworld message boards from January 2008.
This machine is about as fast as last year's baseline MacBook Air. It's no speed demon but is much more powerful than a tablet, or the new Surface 3 that people here were raving about.