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I was considering the same thing. I had an AppleTV in college, and I really enjoyed it. The whole time I wish I would have gone for the Mac Mini though. They are just a lot more useful as a fully functional computer (with the same handy front row interface and remote) than just an expensive media player. The new one is even more attractive with the HDMI port, but the bump in price is a little unfortunate. Once the new models start coming in the Refurbished Mac section I will most likely buy one.
 
The thing is, we don't know when the :apple:TV is going to be updated, what features it will have and how much it will cost. And the Mac mini is more friendly to custom setups (run the media software you want) compared to the current :apple:TV.

If the older mini fits your needs, grab one before all that's left is refurbs of the new one which will probably carry a higher price tag.
 
I'd get the new mini. I'm using the earlier revision of the previous version (early 2009) as a HTPC, personally, and I love it.

I'd take either mini over an ATV (unless the currently non-existent revision is something revolutionary, which I doubt), since it's drastically more powerful and flexible.

And I'd take the new one over the old one even at the higher price; the internal power supply means one less brick laying around (possibly lower power draw as well, depending on how good the internal supply is), built-in HDMI completely bypasses the need for converters, dongles, or audio cables, and the built-in SDXC slot might come in handy. It's also got much better graphics hardware; might not matter in a HT setup, but doesn't hurt to have it, just in case.

Heck, I've been tempted to buy a new mini even though I'm 100% happy with my old one, just because they're so sexy.
 
I'd get the new mini. I'm using the earlier revision of the previous version (early 2009) as a HTPC, personally, and I love it....

...the internal power supply means one less brick laying around (possibly lower power draw as well, depending on how good the internal supply is)..., built-in HDMI completely bypasses the need for converters, dongles, or audio cables...

...apples internal power supply issues make me nervous (the time capsule, they just admitted to it having major problems), I have the iMac and whitebook in my signature so I already have any cables needed to use this as an HTPC and to bump the ram of the new mini up to 4 Gb would be an additional expense where the faster GPU could be partially negated by the slower processor where the logic board and ram are the same between the two generations...

I'm also gunshy with first gen apple products and concerned about how efficient this will cool by making it this much thinner than the prev gen = they made it thinner but its also wider now, as I just saw the two unopened boxes side by side in the store tonight when I went back to look one more time...
 
...apples internal power supply issues make me nervous (the time capsule, they just admitted to it having major problems)
Sounds like you've already got a preference, and I've certainly go no complaints about the older models, but the power supply situation between the new mini and the Time Capsule isn't really comparable; the Time Capsule is a small, closed, plastic device with little ventilation and a big 3.5" drive, and the Mini is a device with heatsinks and a fan dumping heat, plus a metal case, which is more thermally conductive, and a much-cooler 2.5" drive.

Not saying it's impossible for the new mini to have issues, just that it's not the same thing as a passively-cooled drive case.

[Edit: Whoops, now that I look, I guess the TC does have a fan, so it's not entirely passive. Still not the same as heatpipes and a smaller drive, though.]
 
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