Q: Would you rather...

It depends on what you want to do with it. The iPad Mini is great for 1-handed use (like reading books, traveling, using while walking, etc.). The iPad Air, despite its size reductions, is still a two-handed tablet. It's better for use as a mini-computer/laptop (it can't do everything that a Mac can do, but it's still a pretty capable little machine). The iPad Air is going to be the better choice for gaming, because of its larger screen size.

My opinion - iPad Air.  I have no use for the small screen of the iPad mini.

In my opinion I would purchase the Ipad mini with retina display because it is cheaper and has all the same specs but not as big screen.  Check out this link for the two head to head.  http://www.apple.com/ipad/compare/

Depending on what you need though

The iPad Air which also has retina display. The mini is just too small. I wish my iPad 4 was a couple of inches bigger.

iPad Air vs. Retina iPad Mini: Which tablet is right for you?

http://reviews.cnet.com/8301-31747_7-57610252-243/ipad-air-vs-retina-ipad-mini-w hich-tablet-is-right-for-you/

16GB vs 32GB vs 64GB: Which new iPad storage capacity should you get?

http://www.imore.com/2012/03/08/16gb-32gb-64gb-ipad-capacity/

How much content will fit on my iPod or iPhone?

http://support.apple.com/kb/HT1867

How Much iPad Memory Do You Need?

http://ipad.about.com/od/iPad-Tutorials/a/How-Much-iPad-Memory-Do-You-Need.htm

 Cheers, Tom

Almost the same specs. The Retina Mini has more puxels per inch then the iPad Air so the display on the Mini will be sharper.