I just got a good deal on an open box 2012 base model from Best Buy yesterday, but haven't got it all set up, so my personal experience with this (or any) Mac Mini is limited, but I can comment based on specs alone. So a few comments/questions...
1) I don't see why either the 2011 or 2012 should have any trouble playing local video. If you're playing full-bitrate Blu-ray rips, you might run into some difficulty with the 4000 graphics in terms of doing 24Hz/fps under Mac OS. Last I heard, the 2011's 3000 graphics did not support that on the Mac OS side, and I can tell you that my HP tower with an i7 CPU (3000 graphics) gives me video anomalies with XBMC or Plex under Windows 7, suggesting that there may still be outstanding issues with that chipset. Is the 4000 chipset a non-issue in this regard? And, if so, is it a non-issue under Windows but perhaps still an issue under Mac OS? I don't know, but will probably find out soon with my 2012 Mac Mini. So, from that perspective, the 2011 model you've mentioned (with the separate GPU) might be more problem-free there. But can someone confirm that even that chipset can do 24Hz/fps under Mac OS?
2) The 2012 model will give you USB 3.0 which might be valuable to you if you're stringing up some external 3.0 hard drives. You won't need 3.0 to play your videos or stream them to other devices, but it would be nice if you're ripping your own Blu-rays with this Mini (requiring an external Blu-ray drive, of course) to the local drive, and then you want to transfer the file to an external USB 3.0 drive.
3) For streaming to other devices, what kind of content will you be streaming? If we're talking full-bitrate Blu-ray rips, and using something like Plex Media Server or AirVideo server to do on-the-fly transcoding, the faster the CPU the better, but the i5 *ought* to be plenty capable. That's one of the other concerns I have and will find out soon (again, my HP tower has an i7 CPU and my new 2012 Mini is an i5). Note that on-the-fly transcoding does not utilize the GPU, just the CPU, so the 2011's separate GPU won't offer any advantage there. If all you're streaming to your iOS devices are mp4 files that are already ready-to-play, then it's just acting as a dumb server and not doing any on-the-fly transcoding, and you don't need anything special CPU-wise.