In one word: NO
In more than one word: No way. I've got a 2011 17" i7, 2.2, Vertex 3 + 750GB spinny, 8GB RAM. It is hands down a much better and MUCH faster machine than the 13" i5 Air I just picked up.
The screen on the MBP is far superior to both the LG (CRAP) display in the first Air I got and still looks better than the Samsung screen in the replacement air. Also take into account the resolution- 1920x1200 is a nice resolution for multitasking. 1440x900 isn't bad, but it needs Spaces.
Speed: I don't know what Apple calls "instant on" but I notice quite a bit of lag between opening the lid and getting a login prompt on the air. The MBP is instant. That's not taking into account the faster and better processor (and 4 core vs. 2 core), twice the RAM, etc.
They are totally different machines for different jobs. I see the 17" MBP as a desktop replacement. It's a fantastic every day heavy use machine.
The Air is a lightweight occasional use machine- good for surfing the web, checking email, remote desktop into other machines, in bed, etc. It's probably going to be a good travel machine as well.
Just my $.02 on this question

Both are good machines that complement each other well, but neither can do the same job as the other as well.
edit: sup 2011 17" + 2011 Air buddy