I must admit that I am quite amazed by your comment. How does it look stunning? is it just the form factor? On every level the ipad mini screams that its been built to a price point. Lower res screen, 2 year old cpu, lack of memory. Apple need to decide going forward if they are going to make this a cheap ipad or the best ipad mini the can.
Apple have seen their market share in the tablet market been sliced down to just over 50% since 2011 and was forced to bring out something cheaper. In America the ipad mini is only 30 dollars more than an ipod touch.
Of course this will sell and at this spec I doubt there will be many ipad users trading in their ipad 2's or 3s for one but some will.