So the past two clients I\'ve been at, all the talk has been about creating an iPhone app, and I won\'t lie, I want to make one. Or at least learn how to make them.
The spec you are looking for for a Mac-mini is more than sufficient for iPhone development. I have both an iMac with 2Gb RAM and a 2.6GHz processor and I've never had an issue. The XCode IDE is surprisingly efficient - and performant. Enjoy.