Not exciting at all, but a nice incremental upgrade. I always enjoy incremental upgrades from Apple as they're usually significant, and 4 years worth of increments add up to big leaps, to the point my 8 year upgrade cycle is usually quite exciting.

Though a bit disappointing that it came with a $100 (almost 10%, above inflation) price bump. There's not much point to a spec bump when it's paired with a price bump, and faster specs for more money is usually an option. This negative price-sensitivity is particularly important for a model (Air) that caters to casual users, who typically aren't at all begging for spec bumps, and certainly not willing to pay much extra for them.

Yes the new cheap macbook will fill the gap below it, but the new MBA's don't seem like great value play. I recently bought a new old M2 model for roughly a 40% discount for my girlfriend and the value is insane. Same ports, screen, battery life, same formfactor/weight/keyboard, same software, storage, memory. Only it doesn't have the latest fast M5 chip, but for almost all Air users I think that's not a necessity. Certainly my gf wouldn't experience a difference in the next 6-8 years of use I think she'll reasonably get out of this thing.

Which is a fantastic position to be in, Apple creates so much value here that older models are amazing and affordable. But new models just don't seem very interesting to buy.