It's a smaller, less powerful HTC One, with some surprising competition.
As the HTC One line continues, so does its more diminutive cousin. The HTC One Mini 2 is the second member of 2014's clan, adopting the styling of 2014's HTC One M8 while scaling things down a bit, both in the overall physical size and with the internal specifications.
The HTC One Mini 2 sports a 4.5-inch display at 720p resolution. It's running Android 4.4 and the new Sense 6 user interface, all powered by a Snapdragon 400 processor. None of this is state of the art, but then again it's not supposed to be, targeting a price point below that of the M8. It also lacks the second rear camera of the M8, and it's also lacking HTC's special image processor, so it isn't able to take any of the special multi-focus pictures or create video highlights like the M8, or its predecessor, the M7.
Here's where things get really interesting. The HTC One Mini 2 looks like a smaller M8, in a body about the size of 2013's HTC One M7. The M7 is still a very capable smartphone, with a Snapdragon 600 processor and a higher-resolution, 1080p display. We'll have to see where pricing ends up.
The HTC One Mini 2 is initially intended for markets outside of North America. AT&T did carry the original HTC One Mini, however, so we'll hold out a glimmer of hope that we'll see the the phone in the states at some point.