My wife and I are among those "few" that got an iPhone 17 Air. Coming from several years of Pro Maxes (most recently the 16 Pro Max), we were both impressed by the weight, thinness and the solid/quality feel of the device. From an esthetic perspective, the camera bump strip is beautiful compared to the huge honker on the 17 Pro Max. From a functional perspective, the phone is easier to operate one-handed, slides more easily in/out of jeans pockets, and can be held one-handed for longer periods of time than the 16 Pro Max, due to its weight.
So what do we miss? We travel frequently and really miss the optical zoom and, to a lesser extent, the ultra-wide lens. The smaller battery capacity doesn't bother us at all - and, of course, is one of the reasons the device is so light. In day-to-day life at home, we get through a whole day (although with my wife's game addition, she does occasionally have to top off on a charger or attach a power bank. We got an Anker Nano MagSafe power bank for that as well as for trips. But as our trips tend to be pretty 'civilized', we haven't needed it yet - we've simply topped off via power outlets provided on the train or plane we're on. The single speaker is a bit annoying too - not so much because it's a single speaker in a $1k phone, but because it's just not very loud! Both of us carry our phones 'naked', so it's not like a case is muffling the sound either - it's just a weak-a$$ thing and simply holding the phone the way you normally hold a phone causes muffling. Pretty pathetic. Luckily, we both use AirPod Pros (just got the 3rd generation and its noise cancellation is a huge improvement over the already pretty good AirPod Pro 2 they replace), so we rarely need the speaker.
If nothing changes in the iPhone Air in its next generation, we will probably move back to the iPhone 18 Pro Max next year - just because its camera is too big a step backwards for us. Doubly so if Apple finds a way to make the 18 Pro Max a bit lighter and thinner. Conversely, if Apple somehow manages to give me a real optical zoom (3x or better) in the next Air, we'll stick with this phone. It is soooo nice to hold and look at