but I wonder if there will be a price drop too.
Yeah, I'm not holding my breath.
I certainly don't think the Mac Mini is a
bargain or that being the "cheapest Mac" is an excuse for not having premium features, and really don't think Apple can afford to cut functionality with the new model unless they
are going to cut the price. I'm talking about Ethernet, the built-in power supply and the two USB-A ports ...and, if you don't use/value those features, you'd want Apple to pass on the "savings" to you, right? (...back in reality, that's probably
not what determines the selling price).
I don't know about "overpriced" because it is hard to know what to compare it with. It's probably a niche product compared to the iPad Air - lower volume sales will always drive down the bangs-per-buck, and running full MacOS adds "value". I think that, all-round, it is still one of the nicest Mini PCs around in terms of power/performance/quietness and not having a honking great power brick or a screaming fan...
BUT you'll be hard pressed to find a PC in that price range that doesn't come with 16 or 32GB RAM and 512GB or 1TB SSD - and, yes, folks, MacOS may be efficient with RAM but it doesn't
double it and a 4GB movie doesn't magically shrink to 2GB on a Mac. Needing to add 66% to the base price to get 16GB/512GB is a bad joke.