I ordered my M1 Mini 16GB/256GB on Thursday. If this wasn't the first desktop that I've bought for myself in over 20 years, I would have bumped the storage a bit, but I had to allocate resources to a display, trackpad, and keyboard. I'll plug in an external SSD for bulk storage, but 256GB is still pretty manageable for me since most of my stuff is stored in the cloud now and I keep a local copy of my critical work on my work laptop.
I think it's likely that new Macs come in March, the Mini included, but if the AR/VR headset announcement is coming in March or more likely at WWDC, I can see resources being reallocated and a Mac launches being pushed back to November. I just decided it wasn't worth the wait.
I also would not be surprised to see any M2 options coming with a significant price bump. Apple has a history of charging a premium for its research and development for a couple years and then backing down prices. This happened with the transition to Retina Displays, and happens as prices drop on older phones. I suspect that were are migrating toward a future where 2 generations of M* Macs exist side by side so Apple can reach some traditional price points and charge excessive margins on the latest and greatest. Because of this, I see the M1 staying around as the lowest tier option for at least another year. It also would not surprise me if the base model Mini stays at M1 and the remaining Intel Mini gets replaced with an M2 Pro. If we get a case design change, then the higher tier will offer M2 and M2 Pro and the M1 Mini hangs around for a while like the M1 Air 13" MBP.