Here's what my own experiences have been in my office.
Electric: - about 33-50% of the noise of an air, slightly heavier than an air, and a more restrictive cord connecting the unit to the handpiece. Performance wise, the electric has more torque, so it won't stall out like an air can(this is both a pro and a con). The electric also tends to feel like it won't cut as easy as an air until you get used to it. The biggest downside though to the electric is that they're currently alot more expensive than the airs
Air: - 2 to 3 times louder than the electric, lighter and it comes in more head sizes (read as smaller) than the electric. Less torquey, but easier to cut teeth with initially since it has more tactile feedback than the electric. They also cost much less than the electrics
In general, with both at my disposal, I'll use the electric exclusively for crown and bridge and endo access, and oral surgery(no risk of air emboli with surgical extractions), but I still like the "feel" for restorative procedures, although I'm changing over fairly quickly.
BTW, patients LOVE the quieter electrics.