I dropped $700 on Mini and love it. The way I see it, the $700 is going to be easy to get back if you develop a decent app and charge a reasonable price. Even crappy apps on the iTunes Store make at least a few grand - more than enough to pay for the mini.
Also, it took me maybe a month to get comfortable with Objective-C and the iphone SDK. Any programmer worth his salt should be able to pick the language up and run with it, especially anyone familiar with the Java Swing and the Java2D Graphics API. They're very similar - hell all graphics APIs are pretty similar when you get down to it.
Basically, if all you can code is HTML and VB, then mobile phone development is not for you, including Palm, Apple, Google, whathaveyou. The smart developer is the one who learns all three and ports apps across platform to get the most exposure. That's my ultimate plan. If Android and Palm take off, then in my opinion that's only better for small developers like me who just want to play and make a little money on the side.