I think the price is ok. I don't know, price/value is so subjective.
Just to share my thoughts about the value of the Mini…
The Mini is a special device because it uniquely fills two important qualities (for myself and I’m sure others)—it’s the largest possible screen/device that is still light enough to hold for hours with one hand (not resting the iPad on anything). To me this allows it to be the ultimate casual consumption device—better than a large phone, and better than a big tablet. It’s therefore my most used device, of my many devices.
The caveat is that because it’s too big to wrap my fingers around, I’m only able to hold it one-handed for hours with the aid of a Pop Socket. But with other iPads, this is not feasible even with a Pop Socket.