Although I too speculate with others, it is just that for me -- speculation. It is up to CEntrance to decide what goes in what, and for what price. I've seen other head-fi discussions on yet-to-be-released equipment turn into "if it does not have this, I am not buying" which in my mind is kind of silly given that there is nothing yet to buy.
What I do know is that the HiFi-M8 (have to be specific now that there's another M8 potentially coming out) with an iDevice as source is better than an iPod 5.5G amped, and that makes it worth carrying in my bag. If the mini-M8 comes close to the 'full-M8' sound quality, it will be special, and other factors (lighter weight, smaller size, and lower price) could make it even more attractive.
Finally, I appreciate that CEntrance is looking to move down in price. But it begs the obvious question: Michael, do you have any plans to do a "super-M8" going up the food chain now that you have staked out plans for a (presumably) lower-cost, fewer-featured model?