Solution for this problem is simple. You have to apply Mac Book Air SMC Update 1.7 which you can do from Mac OS X with Software Update or you can download required update manually from Apple support site. If you don't use BootCamp and have installed Windows without it, you will have to boot Mac OS X from external drive just to apply required update. After you applied SMC update, you can boot to Windows and apply BootCamp update 3.2 and 3.3.
There is a known problem with Mac Book Air EFI Update 2.3, which you won't be able to apply and it will show in Software Update every time you check for updates. There is no solution for it yet.
You get BSOD if you have BootCamp 3.1 and Windows 7 SP1 installed and you have commited Windows update which will break applemtp.sys as your SMC firmware is too old. It applies to Windows 7 32 bit and 64 bit versions in BootCamp or native install.