You should check your math. Doubling $199=/=$299.
OP, this is a very poor thread. You don't set the parameters that the mini must meet to "beat" the nexus 7. If you were asking about price, it's likely the nexus would win. Unfortunately, we're not 100% positive about that either, because we know nothing besides seeing a few pictures that purport to be the mini.
We can't make educated guesses without some information; doing so makes us no better than those whackjobs who believe in creationism/intelligent design.
How about we wait until after the announcement before speculating on whether the mini can "beat" the nexus 7?