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As a plain display, sure it'll work. The 27" ACD works with the Thunderbolt iMacs and MBPs too.
 
Yes, both the 24" and 27" Cinema Displays with MiniDisplayPort will work. Any DVI Monitor with resolution of 1920x1200 or less will work with the MiniDisplayPort to DVI adapter, and any display with resolution up to 2560x1600 will work with the MiniDisplayPort to Dual-Link DVI adapter.

This means the 20" and 23" ACD are supported as well with the MDP-DVI adapter

The 30" ACD is supported with the MDP-DualLinkDVI adapter.
 
The new MBA's don't have a mini display port, only USB and Thunderbolt. Maybe a dumb question, but how do you plug the mini display cable from the ACD into the MBA?
 
Same port connection, I have a 27" i7 2011 iMac bought last June so TB equipped, I use the microdisplay socket I would use normally on my 2010 MBP.

No problemo.
 
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