iPhone Mini? A cheaper iPhone soon?

Another 'Mini' is on the trend in the current world of technology. After the iPad Mini (smaller version of iPad) has been announced and released, rumors are buzzing the web about the iPhone Mini concept, which may be the cheaper version of Apple's iPhone.

There is still no evidence, and proof that this concept will become true, but because of high demands on the much anticipating iPhone some suggest a smaller, lighter, and cheaper version of it for those who can't afford. So if this one is possible and currently in the process, are you going to buy this one even if you're currently an iPhone user?