You can really shrink Leopard if you want to.
Reloaded Leopard without extra languages and Garageband.
Removed all printer drivers except HB, Canon and Brother (all I need).
Have installed:
iWork 08
MS office 2008 (Excel, Powerpoint, Entourage, Word)
SuperDuper
Toast 8 Titanium
VMware Fusion with 15 GB Windows VM including: (MS Office Windows, Acrobat 8.0 Pro (complete install), AutoCAD 2008, ACT 2008, Streets & Trips 2007 (complete install of map data disk), Novell GroupWise with remote mailbox, plus numerous small apps.
Some misc MAC apps like Candybar, Hazel and Cocktail
1.4GB msic (425 songs)
Have everything I use on a regular basis and I have 22GB available.
I carry an encrypted 16GB flash drive with some videos and data files that I plug in 3 or 4 times per week.
Would not expect to edit video on the thing, but I edit video twice a month (on iMac) and carry my laptop around with me every day.
I have the external drive and have plugged it in 2 times in 4 weeks.
After 4 weeks I still love my MacBook Air SSD!
Mick