Exactly. Even when it came out it was overpriced for what it delivered. Now its just a complete joke and anyone who would even consider getting it is a fool. I mean don't get me wrong, I love it and I would love to see it get upgraded. But the competition hasn't been exactly sitting on its rear end.
If you want the same form factor, you can get one of those tiny Dell Studio desktops which is actually pretty darn nice (yes I have seen it and played around w/ it in person). And if you don't care for the size (as most people don't - and only care about the price) - you can get a full size desktop with a quad core processor, 3 gigs of ram, a nice video card etc, all for the price of a Mini, from Dell.
As much as I love Apple... well, its a tough sell...