I don't have a 4GB Air right now, but I do have a 2GB air which typically uses 2.5GB of swap. That's why I ordered a 4GB model.
What I normally have running all the time:
Mail, Knox, Safari, Omnifocus, dashboard with half a dozen widgets, Fantastical, Font Explorer X pro, Growl, 1password, TextExpander, Hazel, BetterTouchTool, BetterSnapTool, FastScripts, DEVONagent Express, DEVONthink Pro, Air Display.
Other apps on an as-needed basis: Xcode, Photoshop, Illustrator, InDesign, Emacs, iWork. When I'm running a couple or more of these, I really get swapping.
Natekettles is right that the SSD swaps really fast. It's perfectly fine if you aren't deep into swap. If you're using a gig or less of swap, you'll be OK. When I've been 6GB into swap, that was very, very slow.
Swap also starts to slow down if you've got a lot of other disk-intensive things going on. When I'm in heavy swap AND I have a time machine running, the machine is very, very slow and I'll often just leave it a while to settle down.