One thing that concerns me about the MacBook Air (MBA): it might have sexed itself right out of the market. I mean, that is one sexy-looking computer. The question is, who will want it enough to buy it and put up with all of its foibles?

There’s no optical drive, so you’d have to either buy and carry around the external, or carry an install DVD around so you can install software on various machines to “borrow” their optical drive (and I wouldn’t bet on it being a fast connection, nor bug-free).

There’s one USB port, a mini-DVI port, and a headphone jack, and that’s pretty much it. Of course, that’s supposed to be a feature–it’s called “Air” both for it’s slim design and for the fact that you’re supposed to use wireless with it. There’s not even an Ethernet jack–you’d have to use a USB adapter.

You can’t replace the battery by yourself, and it’s possible that you’d have to leave your computer with the store for a while to get it done–though one would hope not. This would not be an issue in the first year or two (unless you like to carry a spare battery around for extended outside use), but when it comes time to replace a battery, a lot of people like to swap the second battery in and out with the first, instead of just tossing the old one. Not a huge deal, but a nit, and the nits build up on this model.

What it really comes down to is that you’re paying a hefty price for sexy. Now, we’re used to paying more and getting less with laptops for their portability, but that’s a contrast with desktop models. With the MBA, you’d be paying that price relative to other laptops.

And you’re paying a lot, too–the price is much closer to the MacBook Pro line, but you’re getting less than is supplied with the MacBook. Compare:

Add the cost of a portable Superdrive and the special adaptors, and you’re looking at almost the same price as the MacBook Pro. So, you’re paying for a MacBook Pro, but getting less than a MacBook, while dealing with more hassle. Sure, there’s the multi-touch trackpad, but you can expect that to come with future MacBook and MacBook Pro refreshes.

What it comes down to is a thin and sexy computer. To pay twice as much and get less just for that, I believe, is not the best bet in the business. Sure, some people will pay for it, just like many people shelled out a few hundred dollars more for the color black on a MacBook. But while portability is worth that much when choosing between a desktop and a laptop, I don’t think that sexy is worth another sacrifice of equal proportions when choosing between a laptop and an MBA.

It’s as if the Apple people got to thinking that sexy was more important than functional, when all along, sexy has been an important feature but second to functionality. Not the other way around.

I hope I’m wrong; I hope that the MBA’s will sell as fast as the hotcakes they actually look like. I just don’t see it being a big hit.

Maybe that’s what the market was responding to. Apple’s stock, already down to $179 yesterday from a high of $200, dropped to $169 the day of the keynote and has fallen an additional $6 to $163 in after-hours trading. The MacBook Air was the star of the show, and I think that people could see that this was a lofty luxury item, not a mainstream seller. iTunes movie rentals are interesting, but expensive and limited. AppleTV 2.0 is better, but doesn’t look attractive enough to bring it out of its rut. And Time Capsule looks pretty much like a specialty item that not many people will go for.

That, plus there were virtually no surprises in the Expo–everything except Time Capsule was leaked beforehand, save for a few small details. Add that to the usual list of expected announcements that didn’t make the cut, and the keynote this year looks more like a flop.

One could almost forget that the iPhone is selling like gangbusters and is transforming the market, or that Apple’s sales of computers are again hitting new highs. In short, the old news is fantastic, and the new news is that there is no big new news, really.