Value isn't really in the eye of the beholder when you are paying $200 more for less in terms of features while only getting a slight difference in thinness and weight over the iPhone 17. Buyers of the Air are essentially getting fleeced by an nearly imperceptible difference in overall dimensions and weight over the iPhone 17.
It certainly is in the eye of the beholder. By saying you are paying "$200 more...while "only" getting a slight difference in thinness and weight.." you are judging thickness and weight to be unworthy of that $200 expense - but that's *your* value judgement - you simply don't value this feature at $200 - but other do. You think they're getting "fleeced" because you think others should value things the same way you do. I certainly don't feel fleeced and I certainly don't think it is an "nearly imperceptible" difference in dimension/weight. Actually, I'd go as far as saying you'd have to be pretty sensory deprived to call it that.