The iPad micro does what it's supposed to.
I think they should have renamed it the iPad micro. These aren't used much for music anymore (unlike the rest of the iPod line), but rather as gaming machines. As a gaming machine, it's still a better deal than the Sony PSP or the Nintendo DS, since there are lots of free games on the App Store, while the handheld games for the other platforms can be $30 and up in the US.
I think the CPU, though not upgraded, holds the costs down, and still does a good job with IOS7 games. I don't use it very much anymore since I have an iPhone, but my son loves it for games and Instagram.