Seriously AIR needs more than a processor bump to push sales to the point where the model will stay around for a while. No matter how you look at the device AIR comes up short for somebody. Refresh it all you want processor wise and the thing is still of limited use.
Further I have to agree with many here that the AIR currently doesn't offer much in it's high end models. At least for the price demanded, as has been pointed out a 4 GB model should be a no brainer. Apple needs to enhance the battery too, even if that would mean a slightly thicker AIR.
When it comes right down to it what Apple needs, to offer up an enhanced AIR, is a SoC processor from intel. This would free up a lot of space inside the housing for a thicker battery. Potentially the RAM and system components could end up on one board. It won't solve design short comings like the lack of I/O ports which currently seem to be a mental issue but certainly could lead to a roomer interior. Hopefully Apple is working with Intel on a properly specced SoC processor implementation. From the basic computing point of view this is what Apple needs in the machine.