That's correct, I'm using the previous model of Mac Mini (2.53GHz 4GB 320GB) and two great 20" samsung widescreens. I have to say it's a really awesome way to work!
The last revision gave you two video ports, too. With the right adapters (Mini-DVI -> DVI, MiniDP -> DVI) you can drive two screens. It works very well. More screen real-estate than a MacBook pro, a fraction of the Mac Pro price.