If not watching stuff (e.g. using Plex) at the same time as using it as a desktop it should work, but I'd wait for the next Mac Mini refresh if I were you. Apart from the redesign, the Mac Mini 2010 update was pretty disappointing. In fact even the redesign was disappointing as it made it much harder to replace the stock hard drive (though replacing the RAM is much easier than it was before).
If the 13" MBP recent update going from Core 2 Duo to a Core i5 is anything to go by, the Mac Mini refresh hopefully within the next few months or so should bring a substantial CPU update giving a significant performance boost.