Yes, it works on the new aluminium Mac Mini with 2GB ram. Just did an install. It's actually really fast, compared to the FCP 7 install on it. Imported a H.264 file and started working immediately.
It does struggle a little, but these little minis are pretty full, and at the minimum RAM to run X. Not having to transcode MP4s is making them very useful in this particular workplace where they do a lot of adding branding to mp4s.