There is already a mini ipad. It's as much as a piece of shit as the original iPad. It's called an iPhone...
I own an iPhone 4S and a MacBook Air. I refuse to purchase an iPad. I think they are pointless. Closest thing to a tablet I own is my Kindle Fire.
http://www.imore.com/2012/05/10/7inch-ipad-mini-track-october-release-200-price-point/ Looks like its ALMOST confirmed.. And if its really going to be in the $200 to $250 range, then its the next thing I'm buying. The 8GB storage space may be a little low though. I hope it supports the same version of Garageband found in the normal-sized iPads...
Why would you buy a mini ipad when you could just buy an iphone or an ipod? Doesn't make a lick of sense. Also you'd probably have to run special "Mini-Ipod" programs for it instead of having all programs take advantage of the screen size and scale automatically. \ Damn, Apple.
Apple used to be innovators. Now, they take every one of their products and release 29 different versions, because they know their idiot fans will buy them all.