These engines have a decompressor - at cranking speed the compression is almost undetectable, and when functioning correctly it does indeed sound like air is leaking - it is!
Under normal circumstances, the first (half-hearted) firing stroke snaps the valve shut, and the engine will then accelerate with full compression.
Having said all that, the valves are known to fail open. As an easy way to check, unscrew the valve (it's the round object screwed into the cylinder near the carb, with a tube attached to it). Use an old spark plug to plug the hole temporarily. Attempt to start the engine - note it will take considerably more effort than usual! If sucessful, replace the valve. If not, check out the usual suspects (spark, water in fuel, etc).
phil_saunders@bigfoot.com
Phil Saunders, January 2009