You can't daisy chain pretend thunderbolt ports aka converters. So 1 monitor max.

I believe the only way to get two displays working though is to pass the second display through the first display (via thunderbolt). AFAIK, there is no adapter to split thunderbolt into two DVI/VGA/HDMI cables. Though I hope I'm wrong, I'd buy that in a flash and wire up my second external display to my new air.

There are, no worries

Monoprice has this:

http://www.monoprice.com/products/product.asp?c_id=101&c...

It doesn't support chaining more thunderbolt devices, though.

Displays from Dell that rival this in quality are not even $100 less, and don't have the docking powers that a Thunderbolt display offers. I've got a bound pair of cables (power+thunderbolt) that plug into my laptop and all of the sudden my backup drives, both monitors, ethernet and USB hub are connected. The Dell 27" higher-than-1080p monitor is nice, but it can't do all of that sadly.

Unfortunately, the industry pretty much decided that 1080p is all they are going to support. Nowadays, it is pretty hard to find anything above 23" with a decent resolution. Most of the market is now taken by monitor/TV devices, with crappy resolutions (1080p is crappy with a 27" screen).

Find me a big monitor that has a decent resolution and uses a good panel and is significantly cheaper than an Apple display, and I'm going to buy one right now. Maybe two.

it's amazing how much cheaper a monitor is when you go from 2560 res to 1920 res -- the price is less than half the cost. The usual run of the mill 1920x1080 display goes for $300 or so. I'm guessing the reason for the price differential is that the 1080p monitors are mass produced compared to these expensive 27" 2560res displays.

Thunderbolt and mini display ports aren't the same thing. Although they use the same connection type, thunderbolt has additional features which allow it to transfer far, far more data. It also lets you chain devices together, which is going to be needed for all of those devices. You can't just slap the DVI adaptor and hope it'll work- especially if you need to chain the devices together to support all of them.