The price is not right in my opinion but it's a good start, remember this is their first product on the small tablet market and they always start with a very conservative approach, it is only gonna get better over the next couple of years.
I really think Apple messed up on this one.. There's a huge psychological factor to pricing the device above the $300 price point. Also, there's the psychological factor of the entry point price. The Google Nexus 7 starts at $199 for the 8GB model... but clearly 8GB is really pushing the limits for a tablet. So most people buy (or try to buy) the 16GB version for $249.
What Apple should have done, in my opinion, is create an entry level iPad Mini at a lower price point (say $249) for 8GB, and then pricing the 16GB version at $329 or even $349 would have seemed like a more competitive deal. By doing that, Apple would have gained the benefit of a sub-$300 entry point, and won the psychological battle.
Even though the iPad Mini is, again IMO, far superior spec-wise to the Nexus 7, the entry points are $130 apart, and that is going to play as a huge difference to the average consumer... despite the superior specs and the 8GB memory bump.
Time will tell how this plays out, and no doubt, Apple will still sell a ton of them... but this device at this price point will not kill the android tablet competition. If anything, it will solidify their position as the low-cost entry level tablet of choice for the masses who shop in price alone.
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