I'm sure that various aspects of the Air's performance have been deliberately throttled to ensure that its cute little credit-card-thin battery doesn't crap out after half an hour. One thing to try is simply plugging it in. There's no mention here of whether that made a difference.
And Parallels? Geez. How many computers worth of computer does this guy expect to fit in a manila envelope?
[1] You would think that each generation of improved processor designs would improve performance. And it does. But every time processors speed up, our desktop-wielding developers dream up an incredibly fun, more-processor-intensive thing to do with all those new cycles, like render more polygons or playback multiple Flash videos or use IMAP or do real-time JOINs between your friends' friends' Facebooks, and these two factors roughly cancel out.
Just bought one of their S6410s. 13-inch screen ultralight with good performance and great battery life. Don't know if the machines are available in the US yet, but the laptop rocks. Small enough you can use it on a plane with the screen fully open, or throw it in a knapsack. Large enough to be my main computer, although I like to browse the web with F11.
My gripe with the Mac is that it's too expensive for what you get. I've never been inclined to put a laptop in a manilla envelope though, so I'd guess I'm not their market. Only problem with Fujitsu is that the company seems actively disinterested in selling their products (took ages to find a local reseller) and the company has literally nothing in the way of Linux support, not even "unofficial" drivers. They also do that awful "backup as a partition" that screws up when you repartition the hard drive to do things like install useful software.
Ubuntu is up and running now though, and it's great.
I would suspect, with an upgraded drive, a 1.5Ghz PB would be more responsive opening applications & starting, while the MBA might be able to handle more simultaneous apps running, due to the 2GB ram and faster processor.
Of course, I could never justify the cost of the SSD today.
If your source files are located contiguously on the hard drive [1] and writes are cached to occur in big blocks, while also using some compile-in-memory techniques like those outlined above, I imagine compile times would not vary much on flash-disk MBAs as compared to those with conventional laptop drives.
[1] This could be accomplished by keeping your project in a compressed file and loopback-mounting it to your project's working directory.