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Civ V will run on any current Mac, but since the Macbook Airs are not meant for serious number crunching it will bog down much faster than a more powerful machine.
 
Yes, it runs pretty well. If the fps are not enough for you it is possible to play in 2D view which is very, very light. Also I find the map more easy to read.

ps. imho it's the best civ ever, played them all.
 
I just tried it yesterday on my 13" i7 MBA. I loaded an old Civ 5 game (through Steam) and found the performance to be very similar to what it was like on the 2010 13" MBA. You can obviously change the overall game performance quite substantially based on whether you're just using your MBA's screen or an ACD, as well as the video option settings in the game. But...running it through my ACD at 1680x1050 resolution worked decently enough at around 200-300 turns.
 
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