I absolutely adore my Ipad mini, and funnily enough, it's the reason why I got into Apple products in the first place.
I bought mine a few months ago, the portability factor was my main reason; it's small, yet big enough to comfortably browse the web, write notes, 'kill some spare tme' etc. For some, the Iphone might be good enough for all that, but I enjoy the size of the mini.
With a little sturdy case, I can easily fit my mini in my purse, and I don't even notice it going from A to B. I bring it with me wherever there is some Wi Fi connection I can hook it up to. I've noticed I also love the camera quite a bit. I've even edited some short clips in Imovie and had some fun with some special effects apps. I've used the Facetime function to talk to - and see - friends with Ipads living far away from me, and I've tapped into a few funny games just for the fun of it.
If I were to mention a few negatives, it would be that I prefer to type on a keyboard. The Ipad mini isn't impossible to use for that, but if you write a lot, I find it a bit hard. But for notes and all that it's excellent!
The other thing I miss is that the charger chord is too short. So it's a bit difficult playing around with it while it's plugged in. But I guess if you allow it to charge when you're doing something else, that won't be too much of an issue.
I absolutely love it, and my friend is even considering buying one in adition to her normal sized Ipad, because she is planning a trip to some exotic mountain and needs something super portable.