I've never owned an Air before and am not in the market, but what I really like about these conceptually (assuming that the M1 is roughly on par performance-wise with the A14 per core) is that we went from "You can buy the cheap, slow one; or you can spend more and get the faster one, or you can spend even more and get one that's just a hair faster." to "They all have the fast CPU."
It's exactly like with the iPhones--doesn't matter whether you get a Mini, a regular cheaper 12, or a 12 Pro Max, or even an iPad Air; they all have the same, extremely fast, CPU, which has been the case for several generations now. We're not really used to that with laptops, but I was very much expecting to see something along these lines with AS, since Apple has many reasons not to have a huge, complicated line of CPUs and some significant advantages to a simplified product line.
Obviously the M1 isn't equipped take over the higher-end MBPs yet (no surprise to me at least), but essentially anything at the low-to-medium end now has the same, apparently very fast, CPU. Makes shopping way easier, simplifies the product line, and while it's a new paradigm for computer shopping, I like it.