It may be presumptuous of me to say that if my touch pad can sense one finger, two fingers, and doesn't respond if I use three fingers, that just maybe I can presume that multi-touch is possible. Yeah, I'm a layman, but why not?
However, it can also be done on the iTouch (heck, they probably had it in mind when they first started designing that) and that is a much different hardware config. So if it can happen on two vastly different devices, why is it so impossible to think its just a software thing?
If it does happen, it will be AFTER the MBA has been on the market at least a little while. It would look pretty stupid to roll out a brand new MacBook line but give one of the key features to all MBs at the same time.
Also, since the iTouch upgrade costs $20 whats to say

doesn't charge money for multi-touch upgrade on existing platforms.
Oh, and I can twirl my two fingers in a circle just fine on my macbook, so I think size of the track pad isn't as much an issue as some might want to believe - its just that the MBA touch-pad was 'optimized' with that in mind.
But isn't my 4.25" diagonal touchpad larger than the 3.5" iTouch anyway?
Its coming.... just give it a few months.