Unlikely. Consumers just don't care about processor architectures.

Not when you call it 'processor architectures'. Apple is a bit smarter than that when it comes to marketing. It won't be the MacBook Air with Sandy Bridge. It will be the MacBook Air S with 'more magic' inside.

The 'S' is for Speed. :)

Don't you mean 'Turbo?'

http://en.wikipedia.org/wiki/Turbo_button

Marginal improvements like this don't seem worthy of such an announcement. I'm sure a faster Macbook Air would be nice to have, but it's not profoundly different than the previous generation in terms of the value it provides to a consumer.

I wouldn't call it a marginal improvement :P, but it would definitely not require such an elaborate announcement.

MacBook Air Type-R. Extra stickers and a bigger exhaust will make it go faster and louder.

I'd settle for the return of the backlit keyboard.

Yes please. Now I sometimes have to close the lid of my Air a bit to find a certain key with help from the glow from the screen.

That being said, I find the speed of the Air adequate for the stuff I do with it (development).