Great option if you don't need a Retina display
Over time, Apple's moved more and more of its screen-bearing hardware over to the gorgeous Retina display technology, and previous generation products fall significantly in price as a result. Today, you can grab a first generation 16GB iPad mini for only $250 in 'new in open box' condition - a solid $79 less than it retailed for a year ago.
The iPad mini is great for those who want the ease of use and convenience of iOS 7 coupled with a more portable form factor than that provided by the full-size iPads. You can run the same apps on this model as you can on the newest models - you just don't get the full resolution. But for day to day use, the screen should be more than adequate.