Great posting, Karl!
What you've summarized is exactly what many of us are exploring:
we know that the system should work under Snow Leopard, and in fact it does, but at a fractional speed;
the speed is fast enough to allow some useful work to be done in SL, but it certainly could be much better;
it seems clear that Apple has not implanted a "poison pill" totally killing off Snow -- I accidentally typed "Slow" ;-) -- Leopard in the 2011 Mini;
and so, it's likely that there are some kernel patches or other "fixes" that will dramatically speed up SL on the 2011 Mini(s) and allow us to run SL-dependent software, including Rosetta.
Many of us are in "dual boot" situation, now -- SL on one partition, Lion on another.
This is now in the court for coders who are a lot better at parsing instructions than I am. If we can get this in front of some really insightful people, my best guess is that we're only days away from a solution that would please a lot of users and add big pile of new 2011 Mini buyers to Apple's lists. I've helped solve a similar problem, previously, but I don't know the instructions that call i5/i7 cores into use and drive effective multithreading, or how to add them into SL, so I'm in over my head and treading water. And, optimistic!
How to get an answer? -- well, the hero will be whoever posts some pointers to this problem in enough places that it finally gets someone's attention -- someone who can and will parse the OS code and find a way forward. They're working on it in other forums -- such as MacRumors.com, 123MacMini.com, and elsewhere.