Brought my MBA into the store, plugged it into an external monitor there and replicated the core dropping within 20 minutes for the genius. And he said - and I quote, "that isn't a failing, it's a feature."
Then i asked for a manager and swapped my MBA for a macbook standard.
The computer being single-core performant when I use it for anything intensive for more than 20 minutes on an external monitor is a "feature" I'd rather not have, and the MacBook has no such "feature" - it works with both cores, all the time, unless you do something really weird and outside normal operating parameters.
Shutting down a core is a feature if it happens when you misuse the computer -- eg using it in 120 degree weather in direct sunlight, or when you're blocking the exhaust port -- but under normal usage scenarios (watching a movie and playing some songs in itunes in clamshell mode for 30 minutes) I expect dual-core performance, as advertised. Thanks.
Guess I'll wait for MBA rev2.