The iPhone 5 is too similar to the iPhone 4 and 4s, so to me it isn't that compelling. The iPad Mini is a totally new device and takes tablets to a new place in thinness.
iPhone 5 was a big disappointment for me. It's essentially an iPhone 4S XL.
The iPad mini is a pretty cool little device despite the hardware that's in it. I've been quite content with my bastard iPad (the 3rd gen one) but the allure of the mini is there. Being smaller, lighter and thinner is pretty cool but the lack of a retina screen is a complete deal breaker for me. Once the mini gets up to better specs then I might just get that instead of a regular sized iPad.
The iPhone 5 is too similar to the iPhone 4 and 4s, so to me it isn't that compelling. The iPad Mini is a totally new device and takes tablets to a new place in thinness.