Air is only released through the bottom, so covering up the keyboard should have little if any effect on the temperature.
Seeing as how the bottom of my MBA is solid aluminum, I sincerely doubt any air is "released" there. Most
heat is released there, however. Invent a way to actually vent heated air through solid metal and you can then sell your technology to Apple for more than FaceBook is valued; you would be the first to suspend the laws of physics and accomplish that.
There are two major openings to the innards on the MBA; one is the keyboard, and another is the screen pivot point (where the black plastic strip on the back surface is). Most products that need air cooling, fan or no fan, use two openings to take advantage of the chimney effect of hot air rising. This is probably what the MBA does as the first, passive stage of cooling before the fan kicks in.
Most of the heat dissipation is due to the heat sink effect of the metal case; the fan helps spread the heated air around so that it transfers to the case, sort of like a convection oven in reverse. The fan also directs some of the heat directly out the vents, and ambient air in other vents. I have a sneaking suspicion that the "intake" vent is, you guessed it, the open keyboard.
Those are the facts we know, and that alone is enough for me to raise the same Q the OP has raised. My best guess would be that at a minimum a keyboard cover would cause the fan to kick on sooner, and at worst the heat dissipation with the keyboard blocked might be problematic. At least that is what makes sense from a physics standpoint.
But since we are seeing conflicting info here, the best thing to do is to do an empirically-sound scientific experiment and find out for yourself. Easy-peasy.
Download a free thermometer program such as iStat Nano. Plug in the mag-safe adapter and run at full brightness for 15 minutes with the cover off. Note the op temp. Now run it with the cover on, and see if the op temp has raised significantly. Then you will have your real answer, free from the armchair speculation of an internet forum.
I learned the hard way in 2003 that it is not a good idea to import your entire CD collection into iTunes for the first time on your (then) brand new aluminum PB if it is resting on your girlfriend's fluffy comforter (even though that blocks no air vents); the heat from that little adventure warped the lid permanently, and proved to me the sad truth that heat dissipation through the case is more important than just the fan itself. Of course Apple does not warn you about such things; they don't want us to worry our pretty little heads about anything beyond the user experience. If there were an Apple store back then I would have demanded a replacement.