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can the 1.4 GHz model be able to run CPU intensive processes without flinching?

That really depends on what you mean by 'CPU intensive processes'. There is nothing about programming which is 'CPU-intensive' btw.

I'd also say that the rMBP is fully worth the extra $200, simply because of the quality of the text on the screen. For programming, you won't notice any difference between the ULV CPU in the Air and the rMBP's CPU.
 
I agree with the previous poster you do not need a mega CPU for programming, I would also much prefer an older 15" MBP for programming than a new 13".
 
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