The backups seem to be back
I did an upgrade, not a clean install. The first backup after installing Snow Leopard (10.6) was about 8 gb. So this was not an issue of the sparse bundle being deleted and recreated.
The hard drive hosting both Time Machine sparse bundles has 165 gb free, so space was not an issue.
I am thinking what happened was the network connection was temporarily lost at the exact time I opened Time Machine interface. My Time Machine hard drive is attached directly to my Airport Extreme and I connect to it wirelessly from my MBA. When I started my MBA this morning and opened the Time Machine interface I saw all the dates back to when I first purchased the MBA.
What is odd is that I would have expected to see an error from Time Machine interface yesterday saying, "can't connect to the Time Machine hard drive" or something like that.
Even though the dates showed up this morning, the interface was sluggish. Maybe there are some bugs in Time Machine that Snow Leopard introduced???
Since I didn't see any other similar posts, I was pretty sure it was not a widespread problem. Therefore, I am especially grateful for the responses. Thanks!
Cheers,
-kevin