The new iPad mini is as powerful as the iPad 2, if not more so. It comes with a dual-core A5 processor, FaceTime HD camera, 5MP iSight around the back with 1080p recording, 10 hour battery life, LTE, and 802.11n Wi-Fi. Oh, and it of course comes with the new Lightning connector.
Let's see about the price. 16GB with Wi-Fi is starting at $329. A decent price, almost enough for me to go buy it. iPad 2 continues to sell for $399. 32GB mini is $429, 64GB for $519. Add $130 to each price for LTE connectivity. All are up for preorder on October 26, with the WiFi versions shipping November 2 and the cellular versions coming two weeks later.