Um, no, it wasn't. Air was animated in standard definition, and the BluRay-set was just an upscale. (And judging from some screenshots I've seen, a really bad upscale too.)
Anyway, seems like FUNi did a pretty good job with the series, but since I already have the singles, I won't be getting the set. The only real "flaws" seem to be the packaging, (Seriously FUNi, you showed that you were perfectly able to give us some decent packaging with the Fullmetal Alchemist-sets, so why do you keep using double-thinpacks?) and the absence of episode 13, which I don't really consider a flaw at all, as that episode was 100% pointless anyway.