yes the 11 air and iPad both fit in the ristretto at the same time (i have the black & wasabi). width and depth is no problem. But personally, I don't like how high up the 11 sticks out (like another 1-2 inches above the edge), I also don't think it feels as safe & secure as when i only have the ipad in there.
The flap does a great job not only protecting the ipad, but also holding it in. But when you add in the 11, it really leaves you air exposed to potential damage. As soon as you open your bag, the flap falls open. Most of the time this may be fine, but for everyday use, i personally won't use it for my air.
I will say that until i find a replacement, it is all I have. My wife tells me that I am worse then she is with bags. It is hard to argue when I am on the prowl for a new daily bag.