Shiny it is.
Took two tries: first one was a dud with a non-charging battery; took it back the next day and they swapped it out with a minimum of fuss. Xcode, TextMate, and Clan Lord run well; I'm currently download WoW more out of curiosity than any actual desire to play.
The screen is gorgeous (very bright), the keyboard is very nice thus far -- the gaps between the keys don't impair my touch-typing any and the keys have a nice spring and click to them, and the solid state hard disk is speedy as hell thus far.
The biggest thing I wanted out of the Air was a cool lower case that could be used on my lap without jeopardizing the continuation of the Kerwin name, and on that it has thus far delivered.
So far, it has the Skirwan seal of approval. Go forth and purchase, my hypothetical legions of nonexistent readers who hang on my every capricious opinion.