You are correct in some ways. But no true optical audio out? You use a Toslink to Optical converter, I read that getting 7.1 out of it was not possible. Not sure about 1080p playback.
Oh, $600 for the mac mini vs $200 for something like the Boxee box / Logitech control box (hopefully $200)
All said and done, Mini is not the ideal box for the consumer, geeks can get it to work, but most people can't.