I was about to buy a 14" M1 Pro, not because I needed the speed at all, but I wanted magsafe, I didn't want a touchbar, and two USB-C ports (inclusive of power supply) is not enough. Also the built in HDMI out was nice.
The new Air has everything I want except the HDMI. Separate magsafe power PLUS two more usb ports (that's enough for me), no touchbar... yeah, I'll be waiting for this and saving significant money over the 14" M1 Pro I was about to get.