Apple just announced the updated Mac Mini.
This is the first M4 Pro - up to 14 CPU cores (10 performance, 4 efficiency), 16 neural cores, and 20 GPU cores, 273GB/s memory bandwidth.
It almost looks like a credible, tiny Mac Studio replacement - the new M4 Pro Mini can be equipped with up to 64GB of RAM and an 8TB SSD. In terms of I/O, the M4 Pro has Thunderbolt 5 ports as well as optional 10 Gigabit Ethernet.
The only thing missing is Wi-Fi 7... for some reason, the Mini still has Wi-Fi 6E. I suspect native AV1 video encode is coming in a future Apple Silicon processor, but decode is sufficient for now, as the codec is not even mainstream yet.
The base Mac Mini is a good value. I'm not sure why the M4 iMac is so limited. Perhaps they intend to sell a more powerful iMac with a larger display later.