OP, do you close the lid of your MBA before plugging it to the power, monitor, etc.? If so, unfortunately, the high temps and high fan speed is normal. At least, for the time being. The last EFI updates seems to have messed up the SMC, which causes the problem you're experiencing. I suggest plugging everything except the power (assuming the lid is closed) and then wake it up by opening the lid. Once the MBA is running, plug the power and close the lid. It's an annoying workaround, but at least the temp and fan won't go crazy.
I suggest sending feedback to Apple here about this issue:
http://www.apple.com/feedback/macbookair.html
I use smcFanControl and it doesn't seem to matter when I plug the power in. Fan speed is the same either way and I don't have a problem in clamshell (except with a cover on).