This isn't just an Apple tablet made to a budget. This isn't just a shrunken-down iPad. This is, in many ways, Apple's best tablet yet, an incredibly thin, remarkably light, obviously well-constructed device that offers phenomenal battery life. No, the performance doesn't match Apple's latest and yes, that display is a little lacking in resolution, but nothing else here will leave you wanting. At $329, this has a lot to offer over even Apple's more expensive tablets.
Those comparing this to the Kindle Fire HD will have a hard time, as that's a tablet manufactured to a fixed cost and designed to sell you content. This is very much more. Similarly, the hardware here is much nicer than the Nexus 7 and it offers access to the comprehensively more tablet-friendly App Store, but whether that's worth the extra cost depends entirely on the size of your budget -- and your proclivity toward Android.
Regardless, the iPad mini is well worth considering for anybody currently in the market for a tablet. Its cost is compelling, its design superb and it of course gives access to the best selection of tablet-optimized apps on the market. To consider it just a cheap, tiny iPad is a disservice. This is, simply, a great tablet.