I think the world is divided into two groups of people: those that can see that massive fugly camera bump and those that, somehow, can't.
I mean, tastes and priorities vary, so I'm not going to argue with actual Air owners who say it's wonderful but, unfortunately, first impressions count, and the market seems to have spoken.
If they could lose the camera bump, just have a tiny rear camera for snapshots and QR codes I'd see the point - not every user wants a phone as a DSLR replacement. Seems to me they tried to combine an ultra-thin phone with a high-end camera and ended up with something that is neither.