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It is possible using iteleport. I currently have a machine running for this purpose. The screen resolution is set to 1024x768. It is wired directly into a gigaport hub which then streams the picture at N specced wifi to the iPad. It is certainly fast enough for desktop usage, not for games or video usage.
 
AirDisplay might be a good app, too, using the Mini with keyboard and mouse. Anyone try this?
 
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