I use a BaseQi SD card adapter in my MBA paired with a 200 GB micro SD card. I use it to store MP3s for iTunes and to have a place for Time Machine to back up to.
I agree with dwb - when compared to the SSD, there is no comparison. It does fine for streaming music, but when it comes to more vigorous use, especially non-sequential reads, it really does lag. Remember that in the MBA, the card reader is running through USB, whereas the SSD is running through PCIe...a much faster protocol.
Another point - when I started keeping that BaseQi installed, I found my battery life took a small but noticeable hit.
So like most everything in life, there are upsides and downsides. Using the SD card is certainly less expensive than a new SSD, but performance isn't as robust as an SSD either.