I picked up a 16gb white mini at Best Buy yesterday. I am really liking it overall. Since we have an Ipad2, I do not have a problem with the non retina screen.
I really like the mini for playing games. The combination of size and light weight makes it very desirable. The graphics are great and I have had no performance issues.
The mini is also great for watching Netflix while relaxing in bed.
On paper, I agree the specs are not great for the money. For me, the mini is my new favorite electronic device at home.