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so I bought the mb air today (couldn't pass it up for 899 at best buy) and need to erase my old macbook so I can sell it. What's the easiest and best way to do this? I want to sell it with a clean os and I don't have any OS media or usb keys.

Buy or find a 8GB USB drive. Then create your own install media.

Alternatively use Internet Recovery.

Be sure to wipe the drive in Disk Utility before you reinstall.
 
Definitely wait. Your machine is fine for now and the Macbook Air is getting a redesign this year. I would hold off or get the 13" MBP Retina.
 
I would wait. The redesign could be groundbreaking. May not happen this round but I wouldn't bet against it. May be a refresh before this happens, but it will happen.
 
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This is my current setup, would the current mb air with 4gb of ram, be noticeably faster than my current machine?

As someone who bought the Current MBA, 4GB i5 recently and been into computers since 200 MHz processor days my advise is NO.

The current MBA is a very complete and excellent product.Display good enough for everything,4GB ram is pretty snappy, SSD is good and amazing battery life.

However looking at your current product I can say that the upgrade in user experience wont be much for you.

Similarly Intel has yet to perfect the power saving technologies that make Haswell so battery friendly. Dont get me wrong the battery life is awesome but with Broadwell there is a massive graphics upgrade rumored along with a process shrink to 14nm.
Summery: If you can wait out one more year.... wait it out.
 
I'm waiting for Broadwell (even if Apple adds a retina screen to the new 12" MBA).

With Intel waiting longer between major updates, it now seems reasonable to wait to upgrade. If you have none and you need one, then, by all means, buy now!
 
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