If they roll out a Mini with modern internals (with or without pencil support), I'm first in line to buy. Else, I cling to the aging Mini with a dose of lingering hope.
AFAIC, if the problem is (too little) profit margin on this model, raise the price up to match it's bigger siblings.
The iPad mini, Mac mini, and MacBook Air all are in this odd category that Apple typically has a problem with - things that make them too much money for them to discontinue, but which have price and design constraints that prevent them from being technology flagship products. So what they typically get are tech updates if/when they align with the price/design, rather than being on any deterministic schedule.
Not knowing if they have an internal name for it, I call it the "Zombie" category.
Compare to MacBook, MacBook Pro, and non-pro iMac, (along with iPhone, iPad, and iPad Pro) which aren't perfectly even but generally shoot for a yearly cadence of updates.
It appears also Apple has been trying to lower the price of the iPad to be more price competitive, especially for edu markets. This has put it in a weird place too, getting performance boosts with display quality regressions in a cheaper price. Like the MacBook Air, this puts the mini in an odd third category of iPad on its own.
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Amazing. It’s been forever since the mini has been last updated yet it sold better this year than last year according to this. It sold almost as much as the 10.5 Pro and more than the 12.9 Pro. This flies in the face of those saying there’s no market for the mini.
If it wasn't selling it would be discontinued (just like the MacBook Air and the Mac Mini)