If you configure the cameras to stream at 1024x768 rather than 1280x720p, you *might* be able to squeeze them all on the i5 mac mini, though you'll need to up the ram on the base model from 4 to 8gb. We had a user report 10 1024x768 streams on a base mac mini - I don't know how much CPU he had left, but he was nearing maximum memory limits with only 4gb. The app wouldn't stop running if that happened, but would be severely impacted if this was exceeded, as memory would be swapped in and out of disk frequently, a very slow operation.
The i7 should be able to run 16 cameras, though I'm not sure if it could handle all of them at 1280x720, you might need to decrease the resolution on some of the incoming streams. Note that aside from processor usage, disk I/O becomes a significant bottleneck with that many cameras, especially at the higher resolution.
I've posted notes about several different machines and setups at the bottom of
http://www.sighthound.com/support/system-requirements - hope that helps provide some direction.