We now know that Apple is planning a press conference on October 23rd where it is believed that Apple will announce the 7.85-inch iPad Mini to the iPad lineup. It is believed that Apple has decided it needs the Mini in order to combat sales of tablets from other vendors that simply cost less.

Very little is known about the feature set of the iPad Mini, but a number of sources are saying that they expect the iPad Mini to be offered in an 8GB version. Apple is likely to offer 16GB, 32GB and 64GB versions as well, but that is yet to be confirmed, of course.

Analysts that we spoke to said if Apple elects to bring out 8GB unit on the low end for the Mini, it could end up being a mistake, as 8GB is simply not enough space if you going to be carrying stuff like multiple movies around. “An 8GB unit just does not seem to be the right decision, unless Apple knows something that we don’t,” one analyst said to us. “They might make the rumored $249 price point with an 8GB unit, but they would be better off to offer a 16GB unit at $279 to $299, as flash memory is cheap,” another analyst told us.

It would seem on the surface to us that 8GB simply isn’t enough for an iPad Mini; and we have to think based on that alone you might not want to put too much stock in Apple dropping an 8GB unit on the 23rd.