Quite
But a C2D may be nearly 2 generations out, but it's still significantly faster and far better at multi tasking than any Atom processor currently out there... I even forgot to mention the SSD hard drive, another hugely prevalent feature in every Netbook i've owned.
As for HDD and battery, you've clearly not used one - my Macbook lasts well over 6 hours still... it's nearly 12 months old and still lasts as well as did when brand new, no other machine i've owned as done that well.
Ethernet... wow, clutching a little now? I don't plug an ethernet cable in with the Macbook either, unless you're constantly moving massive files around a network - which would need to be Gigabit anyway - then Wireless-N 5GHz is way more than ample. Most people browse the web, download music, play films etc... for which a Wireless connection is way more than adequate. If you're in an environment when full speed of file movement across a LAN is necessary, maybe buy a different machine?
Being a fanbois that I am though, i'm clearly blinkered in my views. Though i won't be buying an Air. There is no space for it in my requirements... they're already filled by the iMac, Mac Mini, Macbook Pro, iPhone 4 (x2) and iPad that myself and girlfriend own between us. (I forgot to mention the Dell Mini 9 as that isn't used anymore since getting the iPad, not even when Hackintoshed and upgraded with a 32Gb SSD was it redeemed)