I have an 8GB M1 Air for the sole reason that I was so excited I decided to go with the model I could get on release day instead of waiting a month. Not the wisest decision.
I figured I'd replace it at M2, and then at M3. But to be honest even with the 8GB it's fine enough still. I don't use it for much heavy lifting but it works ok-ish for that in a pinch. And for day to day personal use it's fine. So every year I go through the cycle where I *want* to replace it and then convince myself I don't really need it. I already have a monster machine for my work stuff, having extra horsepower for my personal machine would be nice but ....
I'm sure M4 is the generation I'll upgrade. Just wait :)