If you think this is overpriced, then I suppose you think it won't sell. Would you care to estimate how many months before Apple can satisfy demand for the iPad Mini? I'm guessing it will immediately sell out and it will stay on backorder with slow shipping times for at least two months.
The price is fine. It is frankly much less than the cost of LTE connection for a year. You can buy it at this price and two years from now sell it on ebay for $100 at least. At the price, Apple will sell every single mini they can make as fast as they can make them. It will take two months before they are even able roll the sales out to the entire world, even though their role is going to be very good this time.