That's the iPhone I was waiting for. I love mu iPhone 14 pro but despise its heft. My previous iPhone was iPhone 6s and when I see it in the drawer and take it in my hand I feel nostalgic for that age when the phone wasn't so in your face with the wight and the tick feel in my pocket.
The valid comparison is against the phone with the features I want. In my case ip14pro is a great phone but too thick and heavy and iPhone air has all the features I care but its thin and lightweight
The iphone air is not lightweight. It's only 11 grams lighter than the iphone 17, which is a superior phone to the iPhone 14 pro in every way, as far as I can tell.
Good luck taking any telephoto pictures with that iPhone 17. Or anything needing LIDAR.
Or doing any sustained gaming.
Or doing anything advanced with photography or video requiring RAW.
But admittedly the differences are smaller than they’ve ever been.
My iPhone 13 mini (5.4" display) is 141g and it's immediately noticeable how much lighter it feels than a pro phone. I can imagine the effect being more exaggerated given the larger but thin profile of the 17.