I think it's great more companies like Felt are embracing aerodynamics in road frames, bucking the trend of fatter tubes to shave on order 0.2% of total mass while costing on order 2% or more total wind power. The issue to me between the Felt and the Cervelo is primarily geometry. The small Felts have quite steep seat tubes, which suits me, as I prefer a very small set-back, while the Cervelos stick with 73 degrees to the small frames, which doesn't work as well for me, even with a zero set-back post. But for you, maybe the Cervelo geometry works better. As far as I know, only the 56 cm AR has been shown, however, so we'll need to wait to see what they have in the smaller geometry.
I find it curious the Cervelo doesn' t have the filled-in seat tube they basically pioneered in their time trial frames, a feature which the first generation Trek Madrone brought to road frames (not the first, but the most popular, I think). The Felt AR has this design, as well.
Another issue may be the paint. I personally suspect paint mass is a big chunk of the mass difference in the Cervelo SL frames. I'd like to see the Felt AR available with clearcoat only, perhaps with some relatively modest trim. I also think naked carbon looks good. So far, all we've seen is the Slipstream team frame.