Apple’s newest baby looks to be coming out of the womb hungry and ready to chomp on the sales of its big brother. (What’s with this cannibalization metaphor going around the interwebz today? It’s weird!)

Mr. Gene Munster is back on the scene with his Apple insight and sales projections. This time, the Piper Jeffray analyst says the release of the new iPad mini could eat up to 20 percent of sales of regular-sized iPads. And he’s not alone. BIll Choi of Janney Montgomery Scott agrees with him, but on a smaller scale. Choi says the smaller iPad will cut into 15 percent of the larger iPad’s sales.

At the end of the day, it basically translates to one million fewer purchases of the regular iPad because of iPad mini sales. However, with forecasters still estimating Apple to sell 25.5 million iPads in Q4, can you really complain? I really like what Ed Sutherland of iDownload Blog said about it being whether you worry if “one dollar goes into your left pocket instead of your right pocket.” Exactly.