This might sound dumb - can ARM run OS X? Or does this mean that the next MBA could be running iOS?
Darwin (which is the very low level core system of Mac OS X) runs on Intel Macs as well as on ARM iPod Touch/iPhone/iPad.
THe Darwin Mach Kernel is a key to make that possible.
So, the difference between Mac OS X and iOS is Cocoa on the Mac and Cocoa Touch on the iOS devices.
So, from that point it is possible to run Mac OS X on any iOS device (despite the occasional need to recompile some specially optimized parts / components for that very cpu).
A MacBook Air as a computing device for the most common tasks would not need more than an ARM CPU. But users with stronger needs would turn to the MacBook Pro's then anyway - as they already do.
But an ARM CPU gives tremendous battery life.
However, even if think this is interesting I still do believe, that Apple would prefer to have an ultra low energy consuming macbook air, which implies that they would need to change to a low energy display as well. (But, wheren't there already rumors about apple being interested in color OLED?)
If you don't play racing games or anything else with high speed moving graphics, then a macbook air with an OLED and an ARM CPU might be for you: read, write, draw - just what you'd do with a netbook.
But to be honest, where should such arm/oled macbook air be priced? Shouldn't be cheaper than an iPad but must be cheaper than the low end MacBook Pro. That sounds expensive then.