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Apple releases MacBook Air SMC Firmware update v1.2
Apple has released an update for the Macbook Air which updates the System Management Controller firmware to version 1.2. This update adds compatibility for the latest service-replacement batteries available for these systems.
Since this update is just for replaced batteries, if you have not replaced your battery or are not planning on doing so then this update is not required; however, to be safe you might consider applying it in the event of a battery failure.
The update should be available through Software Update, but is also available at this Apple downloads page: http://www.apple.com/downloads/macosx/apple/firmware_hardware/macbookairsmcfirmwareupdate12.html
After applying this update, your SMC firmware version will be 1.23f20 for the original MacBook Air, and will be 1.34f8 for more recent models of MacBook Air.
More information on applying SMC firmware updates can be found at this Apple knowledgebase webpage: http://support.apple.com/kb/HT2368
Resources
Spoke with AppleCare. They tell me that the three long beeps is part of the "POST" or Power On Startup Test the machine runs during booting. The three long beeps indicate a problem with the RAM onboard. Problem is, the RAM on the MBA is soldered to the motherboard. Fortunately, I purchased the AppleCare extended warranty on this machine, because I'm about a month past the standard 1-year warranty. AppleCare is sending a box to return the machine for the machine return.
I advise anyone to hold off installing this firmware update.