If these leaks/rumors are true then, at large, "iPhone Air" mostly sounds like a shrinkflation'ed version of iPhone Plus that they're going to try to market as something more than it is:
Instead of the Plus offering a slightly bigger battery and display versus the standard, 6.1" $799 iPhone. With Air, you now get less cameras, less battery life, and a lot of other compromises on many specs.
But it's now slimmer and lighter than ever. Same 6.7" display and still just $899. iPhone Air. Be impressed with less..?
I can already see the ads with stern, tall, super skinny Scandinavian models, doing their best blue steel faces to make you forget the lousy specs and only desire "Air", aka all the clothes that the emperor isn't wearing.
If they really go hard on branding this with the most attractive celebs/models/influencers then it actually might work.
Hyperbole aside, I do see a lot of users on here and other forums asking for an iPhone that ditches the chunky camera array and goes back to something more akin to iPhone 6 Plus, with an almost or completely flat backside.