Comparing the new 32GB Nexus 7 to the 32GB Mini, the Nexus has a far faster CPU, a slightly better GPU, a standard USB port, a higher resolution screen and thus a far higher PPI, but yet costs over $180 less. Sure, the new iPad Mini will be a hit.... People will also surely love the new crApple maps app on iOS 6, which will work even better since the wi-fi mini will not a have a GPS, unlike the Nexus 7, and passbook will work great, especially with no NFC capabilities, again, unlike the Nexus 7. What a failure of a product Apple has excreted...
Apples and oranges. You can't compare raw specs - you need to compare benchmarks because performance is what matters. I would expect Java apps to require a faster CPU - and more memory - to come close to performing as well as apps written in a language designed for compiling (e.g. Objective C or even C#).