First define the market, then tell me how it meets that market's needs.
It is not a primary computer so any criticism about missing features is misplaced.
It is designed to be operated over a wireless network with a primary computer on that network so storage and optical drive limitation criticisms are invalid.
It is a self-indulgent luxury item so price criticisms are meaningless.
It is designed to appeal to people of means who appreciate the finer things in life and already have a fully functional desktop computer on their wireless network.
There are millions of us out there who can afford one or who can get our business or our employer to buy us one.
Many of us will get one.
I'd say it fits it's market's needs quite well.
The MacBook Air Is a Horrible, Horrible Product