Best Ultraportable for Media Student?

Despite years of working on computers and tons of research, I always feel best going to a forum for advice when it comes to making big dollar decisions on tech.

I've switched majors to Communications focusing on Broadcasting and Journalism, and I'm considering a new laptop.

I had been using an HP DV7-1135nr for a number of years, and that served its purpose. But it was big and bulky and frankly a pain to take around. When it began to have problems, I picked up an HP DV2-1030us on clearance. A great uptraportable at the time, but lacked the power of the DV7 for gaming and editing.

Then came the ultrabooks. I've been eyeing them for quite awhile now. I finally saw (or at least hoped for) a quality Windows alternative to the Macbook Air, which was the only Mac that had ever piqued my interest.

Mostly what I'm looking for is an ultraportable (4lbs or less) laptop, running at least an i5 (preferably an i7), with a good build quality & battery life that will handle basic editing on Adobe Premiere Elements and maybe even Pro. The HP Spectre XT is at the top of my list, but also the Asus Zenbook UX31A is in my sights.

So my real question is, which of these is the best option? Is the Macbook air still the best value for the dollar? I prefer Windows, but I'm willing to consider the switch if it will really help. I suppose I could also get a copy of Windows 8 for the Air, if it doesn't have the same battery issues as 7 on the Air did in Joanna Stern's review of it. I should also mention I do intend to get a desktop after this to handle more intensive editing down the line.

Thanks for any replies!