It being updated without a redesign to match the rest of Apple's offerings is a TERRIBLE, TERRIBLE thing to see.
It not being redesigned would show that Apple is feeling the recession and just not showing it on the surface. They've had nearly two years to come up with a new design to match the aluminum iMac (its design debuted the day of the last Mac Mini update), and if something is released that looks the same, that means that they've abandoned the new design that they DO have for monetary reasons.