Definitely depends on what you use it for. Before I got my MacBook Air, I'd say no. The iPad is just the right size for being both a productivity and consumption device, or it is for me anyway. But because my laptop is now extremely portable and I'm happy to take it anywhere to work with, I now want a tablet that is more consumption than productivity. Or to be more precise, I want an e-reader than can handle PDFs well and read RSS feeds etc but be more comfortable than the new iPad, which I find a little heavy and bulky at times. The Kindles don't stand a chance next to the Nexus 7 at about the same price, but a smaller iPad might be the perfect thing for me. I want something smaller and lighter than the new iPad, that can handle PDFs well. The iPad will likely be a bit more expensive than the Nexus 7, but then I know the iPad will work with iTunes Match, iCloud, iMessage, FaceTime etc.
Summary: For doing work, the current iPad is perfect. A nice big screen, lots of detail, great for editing photos, video, music, writing etc. But for reading ebooks, PDFs, news feeds and websites, and maybe watching the odd YouTube video or a film, I'm more interested in comfort and the smaller size of the iPad mini should be about right. If I don't like the price or there's some other problem, I'll be getting a Nexus 7. Apple have to impress.
If I didn't have an ultra-portable laptop though, I'd stick with the big iPad.