The iPhone (News - Alert) is not the only iDevice garnering attention this morning. The all-new Mac mini has also been revamped and is now on sale now for a “low” price of $699.

Officials with Apple (News - Alert) said that the new version has, “Twice the graphics performance and lower power usage,” according to Reuters (News - Alert).

Also, the updated product’s power consumption is now reportedly less than 10 watts when idle.

One thing that is not less however is the price – which has gone up $100 since the last model and up $200 since the original, said Jay Yarow of the San Francisco Chronicle.

Even though the Mac mini has a lot of desirable features, Yarow admits that “$700 for a mini seems like a lot.”

Some of the new mini’s features include a HDMI port, a 2.4 GHz Intel (News - Alert) Core 2 Duo processor, a 320 gig hard drive, 2G of RAM and not to mention the Snow Leopard operating system. It also includes a new SD card slot for digital camera compatibility, according to Reuters report.

In addition, the gadget embodies an aluminum design similar to that of the MacBook Pro, and is about 20 percent smaller than the previous Mac mini - at less than an inch-and-a-half thick; according to Arik Hesseldahl of Businessweek.

Hesseldahl also noted that there’s a removable panel underneath the body that gives access to the memory slots, allowing for easy RAM (News - Alert) upgrades and, it supports as much as 8 GB of RAM.

This device may be a dream come true for heavy digital media users and minimalists alike, but Apple is definitely taking a risk with the pricing.