If I had $350 to burn today, I'd get the iPad mini. Seems like there's much more potential there. While the touch is great for (portable) music and some games, I have one and pretty much keep it in a speaker dock--my iPhone is my portable player. I'd stash an iPad mini by the couch or in the kitchen and use it for all the great iPad specific apps, Internet, or interactivity that would be better on the larger screen.