Yeps! Its excellent! I love the form-factor. And, either it is a placebo effect or something has changed, but I do think that stuff flows smoother on the Air - for example, moving around PDFs in PDF Expert is like a hot knife through butter! Same with the transition between screens. Yet to try browsing though and when I do, I will be using Mercury Browser rather than Safari (which I really don't like).
Will keep you all posted with my growing impressions - not that it will be worth anything as it is only my opinion.
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Well, I was in your boat till about 3-4 hours back. If you have the funds, do it!!! I am not sure 2GB of RAM (as is expected in the upcoming iPad later this year - whenever it is released) will do anything more significant if you do run-of-the-mill stuff like I do (which is basically reading and very minor surfing).