specifications wise, the iPad mini has the exact same configurations as the iPad 2. However, the camera is upgraded to 5 megapixels. The iPad mini comes in colors similar to the iPhone 5 that is Black and slate or white and silver. The iPad mini starts form $329 and goes up to $659.
However, the smaller version of the tablet is an inch bigger then the current 7 inch tablets and also costs more. So will this device be a game changer like the iPhone or will it just be another device out in the market. But for now, all we can say is that this device's hardware and software are both really good and that only time will tell. Also, the iPad mini 2 (if that's what they will call the next one) is rumored to come out sometime in mid 2013 and will have some pretty good upgrades considering the iPad 4 has already come out. So, i would rather wait for the next generation of it.