While I'm sure this is nice, I don't have a compelling reason to upgrade from my existing MBA (and I really wanted to!). I'd have loved to have seen 8GB RAM as an option.
If you are doing any computationally intensive stuff, it may be worth the upgrade (I had postponed the purchase of a MBA for this reason, and I am definitely going to buy this one).
Yeah, I have a 2010 11" MBA, and I'm thinking about the upgrade. I really wish they'd bumped the max RAM up to 8GB; Eclipse for Android development is cramped in 4GB with other stuff running. I'm a little worried about the Intel graphics as well.
The upgrade is also a little more expensive, too. I think I paid $1500 for the maxed-out 11" last year, but maxing out the new 11" costs $1650.
But the Core i7 and 256GB SSD are very tempting. I dual-boot OSX and Linux, and 128GB is starting to feel a bit cramped. I was looking around at aftermarket SSD upgrades for my existing Air, and an off-the-shelf upgrade to 240GB would cost me $520, which is a third of the cost of the laptop! I could probably sell my current one for $800-$1k, and get the new one for $1650 without breaking the bank.