iPad Air is better
The processor speed is 1.4 GHz in the Air and the mini is 1.3 GHz. The colour gamut has not changed between the iPad mini generation one and generation two. The iPad Air is a vast improvement on the previous generation full sized iPad. Even though it is heavier and larger than the current iPad mini it feels the same weight and it is as slim. The bigger screen is much better for viewing movies and TV which is why I switched.