It is a stripped down MacBook and seems to be designed more as a sub-notebook even though the screen is 13.3 inches across. The MacBook Air does have some very cool new features including an LED display, an optional 64GB solid state drive, multi-touch functionality built into the trackpad and a custom built Intel Core 2 Duo processor.
What excites me more though is the Time Capsule. This device is the Apple way to make Time Machine feasible.
It is a 500GB or 1TB storage device and Airport Extreme base station all at once. It also runs 802.11n to boot so you are looking at a really fast, wireless backup drive that was built to work with Time Machine. I am looking forward to this coming out. I have been thinking about buying a new external drive for more comprehensive backups through Time Machine (I love the concept and how I can go back to multiple versions of my drive) and this is a great solution. Buying one of these would also mean I can plug my Airport Express into my multimedia setup in my lounge and run my digital music through my MacBook.
All the wonderful Apple geekery …