I am actually more concerned, or let's say more interested in how Apple tackles the height. The current mini height has a perhaps coincidental ideal height of less than 1U. Many of the 1 Litre small form factor PC kind of followed this dimension blue print since people found out this is nice size for half rack deployment. If you are just putting one or two in your cabinet you won't turn it sideways like the data center would. Being less than 1U means you can easily slide it in a 1U shelf, or a drawer even.
Just simply dropping it on a plain 1U shelf isn't really secure. ( Ground does shake in some places. )
If it is 2U and get to put more on a shelf that is the primary trade-off. I doubt one-sy , two-sy only rack deployments are going to push the overall design. At the 'one' level the footprint as a literal desktop likely will dominate the design process. The smaller desktop footprint likely will win (there is other stuff on peoples desk competing for space). Two is weak also since Apple has stackable on desktop as a factor also ( some use cases doesn't even need a rack). Rack customers that buy 1-2 aren't going to look any different to Apple in aggregate numbers than desktop customers that buy 1-2 .
The 'rack thing' likely gets more traction in the 20, 50, 100+ range.
As a result I think less than 2U height is going to be its limit. Apple may look at the Studio's ratio between its dimensions, and just down scale it for the new mini, so to maintain a consistent look.
Less than 2U, but greater than 1U doesn't really 'buy' much. Pragmatically it is a 2U.
3U is viable. Some back of the envelope numbers.
18.3 wide ( 19" rack )
1.75 tall. ( 1U )
Mini 1.41 (pragmatically 1.5 ) tall and 7.75 (pragmatically 8" ) wide (and deep)
[ Note; Apple TV on it side is 3.66" which is incrementally over 2U. ]
flipped onto side 4.42U so 5U .
On its side on a 5U tray can fit 12 Minis.
5 1U tray can each have 2 Minis. 5 x 2 = 10 .
( horizontal is less dense which is why few scaling deployments use that).
If Apple went to a smaller Studio (let height approximately double and shave 2 inches off other dimensions).
3" tall and 5.75" (and deep )
flipped onto side 3.28U so 4U
On its side a 4U tray can fit 6 'taller' Minis.
2 2U trays can each have 3 Minis 2* 3 = 6 [ so doesn't matter]
If Apple squeeze a bit more to an even smaller Studio 2.75" tall and 5.25"
On its side a 3U exactly
flipped onto side 3U tray can fit 6 Minis ( if keep the 3" tall still 6 ).
2 2U trays can each have 3 Minis 2 * 3 = 6
42U high rack there are
8 5Us 8 * 12 = 96 classic Mini
10 4Us 10 * 6 = 60 smaller Studio
14 3Us 14 * 6 = 84 even smaller Studio
21 2Us 21 * 3 = 63 smaller Studio (horizontal)
42 1Us 42 * 2 = 84 classic Mini (horizontal)
Packing the width of the rack is the more effective scaling/density factor for deploy Mac systems. (given macOS
restrictions on multitenant hosting, that is primarily scale issue. ). 4U tall when flipped, but 8 on a tray would be miss of the 3U count. Even 9 would miss the classic 5U mini tray count. The 5U classic mini is about a 14% uplift from the 3U count (or -13.5% backslide).
The depth of the rack reduced width-depth Mini's take up is getting smaller also. So with
multiple rows of racks there could be footprint savings there. The customer racks for
MacStadium/Coloc have mini's on both sizes (rows of Mini's only 8" deep doesn't really make sense).
That means the USB ports on back not open access on the backside of the rack. There is another mini with no
front ports there either. If there were maintenance ports on both side of rack that would be an
improvement.
A standard depth 1U server is substantially deeper than that. And will need to consolidate
network traffic into backhaul switches coming off the rack anyway (the direct Ethernet connection from
Mini isn't going to leave the rack. )
Squeezing the power supplies out into a bigger 'brick' is just a 'balloon squeeze'. Mini gets smaller but
the tray now has to host a bigger brick. Likely isn't going to save tray space. Replacing failed supplies would
be easier though. (desktop wise though it is another brick soaking up space somewhere else. )
To put some SoC performance context to this, I suspect that Apple would talk to the Scaling folks that the plain M4 is so much better than the old Intel stuff that customers that might have rented 2 (or more) Minis might be collapsing down to just one. The rack density of the systems went down, but the compute per rack went up. So there will be a need fewer systems impact. ( which brings power and datacenter space savings . ). Big picture, it is deploying enough systems to get the work done as opposed to deploying the most systems possible. Mini's with a Mn Pro are going to help get more work done with fewer systems (than old days). Folks running a website and some odd-bits of server hosting don't have skyrocketing compute requirements every year.
P.S. A Mac Pro pro with 6 PCIe cards that each had two plain M4 would be 13 Macs in a 5U space. That would be more Macs than the classic Mini in 5U.
[ Not really set up internally to power that currently. but 'thinner' (horizontally) and 5U can pack density. ] Even on M4 class per PCI-e slot and the plus much bigger one isn't too bad if actually need a small cluster ( 6 clients and server. ) if can route the intra-cluster network traffic over the PCI-e layer.