OP,
There has been a lot of great suggestions given here. Here are my views:
SSDs are great for immediate speed, both in terms of your operating system and the data that you need to access on a daily basis. By going with a SSD only (and not a spinning hard drive in your iMac), you also reduce heat. Also, while SSDs are not infallible, it is nice to remove the remote possibility of crashing the head on a spinning drive if someone jars your desk or knocks your iMac while the spinning hard drive head is writing.
Even though a Fusion Drive includes a spinning hard drive, it is still an excellent solution for those looking for speed for their operating system and perhaps most importantly, affordability. If you are just an everyday user that surfs in the internet, edits and stores family snapshots/pictures, and edits the occasional family video, then a Fusion Drive is an excellent choice. It will give you fantastic speeds, is extremely cost-effective for your needs, and does not leave you to deal with external wires, drives, or the management of these devices.
A NAS and/or a RAID is a good solution for those that require a lot of storage, often measured in many terrabytes.
A NAS is great for those that require massive amounts of storage space. Its outstanding for sharing your data across many devices. And its good for creating your own personal cloud, giving you the ability to access your data from anywhere in the world. You can also bury your NAS away in a closet or a separate room, which makes for an elegant home solution. A well-designed NAS can be fast, but for power users that require blazing fast speeds, such as video editors or heavy-duty photography professionals, a directly attached RAID device is the best way to achieve the fastest speeds.
A directly-attached RAID is designed to be used with one computer at a time. Diving into the specifics of the various RAID configurations is far beyond the scope of this post, but in a nutshell, a direct attached RAID can give you blazing fast speeds, fault tolerance, and some of the best uptime rates possible. Not to be confusing, but a NAS RAID can also give you the last two things I mentioned (fault tolerance and uptime rates), but it cannot give you the speeds that a direct attached RAID can deliver.
In my humble opinion, this is how I would classify the best fit for different user's needs:
Fusion Drive: great fit of the every day user.
SSD only: great fit for power users and enthusiasts that can spend money on top of the line items.
NAS: great fit for those that require lots and lots of storage space. Good for families and power users. Can be a relatively simple setup, or more elaborate for those that desire RAID.
Direct Attached RAID: excellent fit for heavy power users that truly require very fast speeds.
I hope this overview helps. Any questions or comments, ask away and I'll do my best to help.
Cheers,
Bryan