Macbook Air vs. "notbook"

I find myself suddenly in need of picking up a new laptop. I always thought that my next upgrade would be a Macbook Air; it has everything I want in a laptop and seems to be at the pinnacle of what's capable in laptop engineering today.

However, now it's time to lay down the cash and I couldn't help spotting the HP dm1 which I can buy for 379 euros. I can't help thinking that the HP will do everything that my current 11.6 inch ULV laptop can do with a massive price gap from the Macbook Air.

The Air would be great. But as far as added functionality goes, I can't seem to justify it for my needs (no real games or media editing).

Opinions?