In case anyone was following this thread, Apple updated the iMacs (and Mac Minis, Airport Extremes and Time Capsules) on Tuesday.
FWIW, I wasn't wild about the updates so I picked up one of the refurbished older models that suits my needs just fine. Ended up being $500 cheaper than if I had purchased it new when I first started looking.
The best part was that my girlfriend demanded to pay for everything!
The worst part is that my girlfiend is paying for the iMac so that I can put my money toward a bigger/better engagement ring!