The standard drive for the 21.5 inch iMac 2012 is a 5400 rpm 1 TB drive. I benchmarked it against a Mac mini with the Fusion drive. The Fusion is 5 to 10 times faster doing small random transfers and 3 to 4 times faster doing large sequential transfers. And no waiting for it to spin up.
The only gotcha I see with the Fusion other than unexpected glitches (new tech) is if you transfer more than 128G at one time, thereby overflowing the flash drive's capacity. In that case the speed will drop to that of a normal HDD. I confirmed this in testing. For the average user it is unlikely to experience the drop. Of course a backup scheme is wise.
Hard core users will want a pure SSD. Not a choice for 21.5 inch model unless you crack open the case and install it yourself. But then that type of user probably ordered the 27 inch model or has a Mac Pro with an Accelsior PCIe flash drive. Speaking of which you could connect to an iMac using a Thunderbolt expansion chassis like the Helios.