The good news is that this new iMac is not a threat to the Mini, Apple aren't going to kill it off in favour of this "budget" iMac
The 1.4Ghz dual core as a £899 all-in-one really will make PC people laugh at us and for good reason.
It's a pathetic spec regardless of the relative performance of the CPU compared with 2.4Ghz dual core i5 laptop CPUs. It's a joke. I would at this stage based on the specs of their laptops to have expected a spec bump to PCIe-based Fusion drives across the board with an entry level based on the previous one but with a HDD and lower-clocked CPU (but not 1.4Ghz).