Does the new Macbook Air (2017) work with Apple Cinema Display? I'm interested in buying a MBA (2017 model), which has Thunderbolt 2 ports.

Does it work without problems with an 27" LED Apple Cinema Display (with Mini DisplayPort)? Will the display have full functionality, e.g. wake up by mouse/keyboard, even when the Macbook is closed?
Yes, your Air will work with any Cinema Display, although if its one of the plastic case  models, you will need both an ADC to DVI &amp; DVI to Mini Display Port adapter to connect it.
If the display is a newer one with the aluminum case, you'll need only the DVI to Mini Display Port adapter to connect to your Air.