So if Apple were to bring out an iPad mini, it would either do one of two things. It would go beyond and above what the iPad was, and become the second generation iPad, even though it would be a more awkward size, still tormenting the owner that they couldn't stash it in their pocket. Or it would become a bridge device between a mobile phone (and sized device) and the universal tablet-sized computers nowadays, including the iPad.
I strongly believe that Apple won't pull this off. The iPad is new, shiny and capable of so much more. But everyone will know how far you can push a product. The iPod has been around for nearly a decade, with each year or so it becoming more advanced. The iPhone is about to hit its fourth revolution, and in a similar way, Windows is still going - though maybe not for much longer.
The iProducts that Apple has can continue for a good number of years yet before they exhaust their possibilities, either give up or accept defeat from a competitor with another product. But even as a young student who doesn't particularly like Apple products, I don't the latter happening.