Well, again some observations from my tests:
I have been playing some Steam gaming titles both on OS X and Windows 10 (like Alien: Isolation, Duke Nukem Forever and Metro: Last Light) and at least with relatively short gaming sessions it seems that with my i7 & m295X combo the cooling seems to be able to keep the maximum CPU temp pretty consistently on 106 C degrees.
This does not seem to cause any noticeable thermal throttling, but GPU frequenzy fluctuates between ca. 760-830Mhz - which seems to be the default operating frequenzy for this chip (as the 850Mhz is the so called Turbo-Boost frequenzy).
I have been monitoring the temps with GPU-Z on Windows and as it also shows the GPU core clock keeping consistently between those numbers no matter is the GPU temp 90 C or 106 C, so I would say that as long as the temp stays on those numbers, the thermal throttling should not kick in (until in 108C which causes massive throttling and dropping GPU frequenzy to half or so).
However, after 30 minutes of Alien: Isolation I noticed that 107 C was the maximum the session reached, so this makes me worry a little bit. After all I am using Mac Fan Control to automatically push fan RPM to 2700 rpm on games (both on Windows and OS X) - and even with that spin the 107 C was reached - and this is very close to 108 C temperature causing massive thermal throttling and loss of GPU performance.
But what can you do? After carefull thoughts I am still planning to activate the 3-years Apple Care and manage with these temps. Hopefully they know in Cupertino what they're doing...
I am sadly missing those temps with my watercooled old gaming rig of keeping maximum pushed HD 7850 under 65 C
However, I must admit that this Retina iMac is much more silent even with 2700rpm than my old rig.
I am playing with small headset possibly muffing some of the cooling noise, but I still doesn't understand people claiming this machine noisy
Maybe the old iMac was complitely silent, but even with 2700rpm when running games, this riMac outputs just a comfortable humming of moving air. There is no fan rotation noise or bearing noise at all. It's very silent to me, comparing the most of the Windows gaming laptop / desktop PC's I've experienced.
Still, 107 C... :/