I agree. Pretty much the only things they got right with the iPad mini are the aspect ratio and the form factor. An a5 processor and a non-retina screen don't justify the price in my opinion.
I'd recommend it to someone who absolutely hates both android and larger tablets, but most people would be better off with a refurbished iPad 3, the new iPad 4, a Nexus 10, or the Kindle Fire 8.9 when it comes out. All of these devices represent a far better value.