Yes. That is what Apple would like you to do. They could have made an i7 quad core Mac Mini that ran faster than 2.0GHz and with a proper GPU....but that would have cut into the highest end MacPro and iMac market.
I love the MacMini concept of a movaeble/portable workstation with two fast and high capacity drives that will fit in your satchel and hook up to any Mac screen and keyboard/mouse/tablet. I must be in the "marketing" minority and not fit into Apple's vision.