Hey all,
I think the issue may have something to do with this support article: http://support.apple.com/kb/HT4392. MBAs are supposed to eventually go into hibernate mode where the computer's wake image is stored on the SSD. My 11" MBA came with OSX Lion so I don't know how it's battery life would be under Snow Leopard, but after using the "pmset" function in Terminal I noticed a discrepancy. "hibernatemode" was set to "3", which is the setting that tells the MBA to copy the startup image to the SSD but to also keep the image in RAM and power the RAM. Powering the RAM while in hibernate is contradictory to the support article, which states the image will be written to the SSD and power to the RAM will be cut. Reading through the "pmset" man pages I found "hibernatemode" "25", which tells the computer to write the wake image to the SSD and then power down RAM. This is in line with the support article. Perhaps Snow Leopard knew to set MBAs to "25" and Lion set MBAs to the normal portable default of "3"? I'm just guessing here. Either way, changing "hibernatemode" to "25" seems to have solved my sleep drain problems (0% battery loss over 4 hours), since while in hibernate power is no longer being fed to RAM.
And two other points. "standby" needs to be set to 1 to allow the MBA to drop into hibernate. "standbydelay" (in seconds) can be changed to have the MBA hibernate faster. The default is 70 min; I changed mine to 15 min (on battery).
The best thing to do is type "pmset man" in a Terminal window to see how pmset works, but this command should get your MBA sleep straight while on battery power ("-b" is for battery):
sudo pmset -b standbydelay 900 standby 1 hibernatemode 25
Once you execute this command you can type "pmset -g custom" to see your settings for both battery and AC power. Read through the man pages, pmset is a pretty cool function. And whatever you do, don't give "hibernatemode" values other than "0" "3" or "25"; according to the man pages you can really screw things up otherwise.
And one last thing to remember, per the support article the MBA will not drop into hibernate if it is still paired to bluetooth devices, so make sure to disconnect any before putting the MBA to sleep. I'm going to test this, though, because I like the convenience of bluetooth wake from sleep, etc.
I hope this helps out.