Even if the Average Joe doesn't know anything about specs, they do read reviews. And I haven't read a single review that would have recommended the Mini3 over the Mini2, except for folks that do need the fingerprint reader.
I still think
- Apple could have put the latest tech (A8, 2GB RAM, ac WiFi etc.) in the Mini3 as
1, the A8 doesn't have inhibitive power consumption / heating characteristic (otherwise, the iPhone6/6+ couldn't have it either)
2, WRT the ac WiFi - see above
3, the +1GB RAM wouldn't have had a serious effect on battery life either. Hell, my 3GB Note4, which is far-far smaller than the rMini, has absolutely excellent battery life...
- their decision not to equip it with the latest-gen HW is their wanting to phase it out to make people choose either the 6+ or the Air2, which both have larger margins. Exactly the same happened to the iPod touch line: the 2nd and 3rd-gen iPt were a powerhouse and both devices were significantly faster than the then-current iPhone (3G and 3GS, respectively). And then came the 4G, with its significant restrictions (no IPS screen, no 512MB RAM), and, in later generations, the dumbing-down continued even more prominently (still A5-based, less RAM etc.). All this to make people buy the much more expensive iPhones instead.