'Which?', a UK-based consumer advocacy organization, has performed some research and determined that Apple's claims about the lightness of the iPad Mini appear to be accurate. The device is roughly the same weight as some heavier notepads, and is lighter than a can of Coke or a loaf of bread:
So there it is; the iPad mini isn’t quite as light as a pad of paper – at least our non-spiraled softback pad. There are certainly pads of paper that are heavier so Phil Schiller’s claim that it’s as light as a pad of paper is about right.
It’ll certainly feel lighter than a can of coke in your hands, making it easier to hold in a single hand while you browse the web for long periods or read ebooks on the move.
While lighter than the Kindle Fire (395g) and the Google Nexus (334g), the difference is probably too insubstantial to influence your buying choice.