It is a lightened Basia, the rotor has cut-outs, the spool is lightened and it has a smaller diameter handle and smaller (stock) knob and of course the cosmetics are different.
This Basiair is Heaver's (Rich from CTS) and the knob is an aftermarket machined one that he puts on everything . . .
The Basiair has been out for over two years now, the original Basia has been out just over nine years.
I bought mine in Feb of 2004, probably the first one in the USA; it is still going strong! (despite the wussy magnesium frame

:huh
There is really no performance difference between the reels, just a 1.5 ounce weight shaving (from the Basia's 16.7 oz).
That said, personally I wouldn't buy another Basia or the Basiair.
I have grown a preference for Shimano's Power Aero type reels for weight and bait and with the release of the smaller CI4 Power Aero Albrid, for plugging and metals on 10'-6" to 12' distance plugging (1-3oz / 2-4oz) rods. I own 5 Power Aero type reels now and will be buying more this spring (don't get me started on the yen to dollar conversion

.
While the Shimano's only offer shorter spools, (nobody but Daiwa has the 45mm tall spools of the Basia and S-6000T), Shimano's Aero Wrap features a more engineered line lay that, IMNSHO, outperforms the Basia[ir] on anything over 4oz in distance.
The Basia series is more of a lighter lure finesse reel . . .