I think I'm going to go with the Air and then wait for the next redesign of the MBP. I'm just really disappointed.
Get the Air before its next redesign (whenever that is). It will get the Sandy Bridge treatment for sure, along with the Intel graphics. I have a Rev D and was intending to hold out for the Rev F (with Ivy Bridge), but if Thunderbolt takes off and the Rev E gets a decent version of the Core i5 or i7 I may reconsider.