I thought that the MBA 11" was nearly perfect when I bought it a year ago, and the new Macbook doesn't have anything to cause me to think differently.
I do feel a bit sorry for those who simply wanted a retina version of the MBA 11 and had been waiting all this time. But at least they can now make a decision since the "other shoe" has dropped.
I took a risk and bought before the price rise that just came with Broadwell outside the U.S. Glad I did but even with increased pricing I would still go for the 11" over the new Macbook.