No hype (except for the imprecise monicker itself). The diffence between an iPad 3+ screen and an iPad 1 or iPad 2 screen is dramatic; the earlier screens are positively grainy compared to them. I know, because I see them daily side-by-side. And the iPhone 4+'s screen is even sharper.
The current iPad mini screen won't be as "grainy" as iPad 1 or iPad 2, but only thanks to its smaller diameter, not better display quality. To me, there is no going back to screens below 200 ppi, and the current iPad mini is way below that. iPhone 4+ leads the way with over 300 ppi, and that is no hype.