Wow. I am so amazed at all the negative comments on this thread. It has the same power as a 2011 i7! My wife currently runs the 2011 i7 MacBook Air and it runs every app she can throw at it with no issue: Yosemite, Office 2011 (running Outlook 2016 beta), Quickbooks Pro, iWork, Safari, Chrome, Remote Desktop (for work access), Parallels with Windows 7 (also for wok), Facebook and the like. Again, all with no issues other than the fan ramps up occasionally and the battery time isn't that great. This will be a perfect machine for most people. The fact that it can run all those apps I just mentioned and the fact that it has more RAM and a faster SSD than the 2011 model referenced, means it will perform better, never make too much noise (since it's fan less) and have a much better screen to boot. I personally cannot wait to pick one of these up on 4/10 and then sell my 2014 Pro. I moved to the Pro last year for the retina screen but really hate how heavy it made my bag. For me the size and weight alone are worth it. Yes it's a bit costly but ALL first-gen Apple products are that way.
Hell, I spent $3100

on the first 2008 MBA for that first 64GB SSD. Yes it was expensive--my best friend thought I was insane (maybe I was) but at the time, it was the fastest thinnest-lightest ultrabook type laptop on the market, period. It was worth it too me and I could afford it. I was happy with my expensive purchase. (As an aside, that laptop is still running, on its third owner--I still get the occasional email from the guy who now has it.) This new smallest-lightest-thinnest Apple laptop is almost a bargain at $1300-$1600 compared to 2008 and that first MBA.
For those that think it's too expensive or doesn't have enough ports or horsepower... get a damn rMBP. They are great machines. They just weigh more. Having more power means you get bigger and heavier and it requires at least one potentially noisy fan. That's just the way it is right now in April 2015. It's simple physics and the current state of CPU architecture. Deal with it. If you really want this, but without any compromise, I am afraid you will need to wait for gen-two or gen-three. I'm sure, like that first MBA did, that it will get cheaper, faster, etc. And by next year or the year after, there will be plenty of USB-C peripherals so the limited ports wont be such a big deal.