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No it won't unless you get a fancy and expensive converter. I believe that the original MBA had mini DVI, the new 27" ACDs are miniDP only. Sorry.
 
Original MBA had microDVI, and the new 27"er only uses Mini-DisplayPort.

There are converters like the Altona DVI-->MiniDP, but they're $100+ and will only pass through a 720p signal (not the full rez of the 27" Display).

In short - not worth it.
 
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