What I still haven't seen is a true stereo test. Has anyone performed one on their own or have a link to a test where it's been done? I've only messed with the mini in-store, so didn't have access to my Stereophile test tracks that test stereo separation. Just because there are two speakers doesn't mean it's stereo and a simple test can sort that out.
The more practical test it will certainly fail, and that's one I've noted before. If holding the device in landscape mode (i.e. watching a movie), a practical stereo speaker setup will allow you to track an object moving across the screen, even with your eyes closed.
After seeing the iPad Mini in person and toying with it for as long as I could without being rude to others who wanted to see it, I ultimately left the store and went to buy a Kindle Fire HD. I have an iPad 3 (and 3 of the iPad 2 models for other family members) so I was wanting something as a smaller media consumption device (books, movies). I really, really, wanted the iPad Mini to be it, but it just fell short. This was one of those areas. If I had to place money on it, I'd expect they'll address the display next year, but I fear they won't change the audio setup. Adding a speaker grill to the top of the device wouldn't be sleek enough and form has always far surpassed function at Apple.
I love my Apple gear (4 iPads, 4 iPhones, MBA, MBP, etc. in this house) but this one just doesn't cut it for me. I have my Fire HD for this year and we'll see what Apple comes out with in the iPad Mini line next year!