I realize everyone is upset, and I am too. However, the 98% of general populace out there wouldn't be able to tell Intel i5 from Intel i7, have no idea about CPU speed, and definitely don't know how many CPU cores they need.
Apple put a better graphics card in the 2014 Mac Mini than any other Mac Mini before this release, and the mid-range Mac Mini with 8 GB of RAM and Fusion Drive is $899, which is still the best desktop in this class you can get (perhaps not due to the components only, but definitely due to the combination of components, OS, and ecosystem).
A lot of us in this forum are power users. The overwhelming majority of Apple's customers are not. Apple makes most of their money off non-techies.
The 2014 Mac Mini mid-range with 2.6 GHz i5 dual core, 8 GB of RAM, and Fusion Drive will blow most PCs out of the water. It will smoke its competition with Yosemite and the beauty of Apple's ecosystem, including iCloud. It will do everything you throw at it - as long as you don't throw heavy stuff at it. If you want something to do professional-grade computing, then you will have to cough up a few grand - at least.
The times of Apple packing in quad-core compute power in budget computers is over. Apple is after high margins, and as a shareholder, I have no problem with that. If Apple loses a few thousand enthusiasts to Hackintosh over this decision, it's not going to have a comparable effect on its bottom line as the effect of improving the margins and targeting millions of Wintel refugees with the line of 2014 Mac Minis.
What we all have learned in the past year is that Desktop Computer is not dead. I predicted this when iPad 2 came out. The market may be switching from laptops to a combination of desktops and tablets. The Desktop is for content creation and tablet is for content consumption. Those who don't need to create anything and just want to consume don't even need a computer anymore; they can do everything on a tablet. In fact, in a few years, laptops may be relegated to professional use at work and to engineering students; the rest may just switch to the "desktop and tablet" paradigm. I have switched to this paradigm and have been using enjoying it for two years now.
There's no accident Apple invested so much R&D into Handoff and Continuity in Yosemite. Apple is seeing a trend of people using desktops and tablets and moving tasks from one to the other and back.
Apple also realizes that Microsoft can't get their act together. Windows 8 is an believable gift that Microsoft gave to Apple. I know a lot of people who are saying they can't stand what Microsoft did with Windows 8 and they are switching to OS X just because of how hopeless Windows is. So, these switchers already have keyboards, mice, monitors, etc. All they need is a Mac computer, and most of them are non-techies. So, there you go, Apple has just created an affordable and very capable platform for Wintel refugees and was able to improve its margins in the process.
If you don't see how brilliant this move is, you are definitely not an investor.
P.S. If anyone reading this is considering the 2014 Mac Mini, definitely upgrade to Fusion Drive. You will see a HUGE improvement that is definitely worth the premium Apple charges for Fusion Drive. The lower-end 2014 Mac Mini is not worth its price, in my opinion, unless you want to use it as an HTPC (home-theater PC). With the Intel 5000 integrated graphics, the lower-end 2014 Mac Mini is a very capable HTPC to be used with a 1080p TV even with its 4 GB RAM option; however, don't try it with a 4K-resolution TV. Besides being an HTPC, this lowest-end configuration is not good for anything. You would have to upgrade it to 8 GB of RAM and Fusion Drive to get decent performance out of it as a desktop. Such an upgrade brings up the price to $849, in which case, you should definitely go with a better CPU and better graphics card from the mid-range Mac Mini for just extra $50.
As for the upper-range 2014 Mac Mini, the upgrade to i7 dual-core CPU and 16 GB of RAM would only make sense for those who do semi-professional video work or run Windows/Linux in a VM using Parallels or VMware. If all you want is to do amateur-level music/photo/video editing and regular home tasks on a Mac Mini, you don't need to cough up extra cash for the i7 dual-core CPU or 16 GB of RAM. At its highest spec upgrade, Mac Mini 2014 is overpriced.