The specs are bogus. It should run on a mac mini just fine. If it doesn’t then the program is VERY poorly coded.
Correct. It's not a real-time performance application (like, say, a video player). There's no reason in the world it shouldn't run -- albeit slower -- on systems with slower CPU or less memory.
However, there may be a practical minimum, such as 512MB of RAM, under which performance sucks enough to be very frustrating. But then, many other apps would be similarly hampered.