Refreshed internals, lower price point possible.
Possible Photo of 'iPad Mini' Dock Connector Flex Cable with Headphone Jack at Bottom
The report notes that Kyle Wiens of iFixit has offered his thoughts on the photo, with Wiens reporting that it is indeed consistent with being an Apple component but that he is unable to confirm its authenticity. The part does bear a close resemblance to the part claimed to be for the next-generation iPhone, and it also carries a part number in the style of Apple's other iOS device flex cable components.
Possible iPad mini dock connector/headphone jack component with similar part from next iPhone shown for comparison
The most troublesome aspect of the part is the location of the headphone jack directly next to the dock connector. While evidence has accumulated suggesting that Apple will be moving the headphone jack to this location on the next-generation iPhone, case leaks, design drawings, and physical mockups have so far all suggested that the headphone jack will be located on the top edge of the iPad mini, as found on the full-size iPad.