The MacBook Air has one annoying habit: While it has a Dual-Core CPU, it turns one of them off once the machine gets too hot. Which happens often once you're using XCode. Which makes you end with with a single-CPU machine, effectively.
XCode is a resource-hungry beast, often scanning your sources for its code completion awareness, etc. And two cores let you effectively build twice as fast. (One trick is to use a hidden setting that tells Xcode how many processes to launch for compiles - default is set to the number of cores, which doesn't lead to full CPU utilization, though. But when setting it to a higher value, e.g. 3 on a dual-core Mac, it'll make much better use of the CPUs. To get to this setting, install the "Secrets" prefpane.)
I'd recommend a full-size MacBook or even a Pro version instead. Or look into a lighter PC Laptop which can run OS X. I haven't tried it myself but read reports that some PCs can be configured in a way that you can then install OS X out of the box, and also let OS X update itself without problems.
Note: I am building bigger projects with Xcode, though, where a complete rebuild can take a minute or more. YMMV.