Just got my refurb 27" 3.4 GHZ Intel Core i7 + 1TB HD + AMD Radeon 6970M with 2GB of memory. I was fortunate in that I ordered build with the 6970M with 1GB of memory, but they sent me the 2GB instead. I heard of others getting more than they ordered.
Much zippier than my old 24" Duo Core iMac, and the extra screen real estate is welcome. It came with 4GB of RAM, but I ordered 16GB from Crucial (2x8GB) for less than $90. Now, I have 20GB of RAM and everything is running smoothly. I may upgrade to 32GB at some point, since the prices have really come down.
I should get a good 4 years (or more) out of this machine without any problem. I don't regret passing on the new iMacs. For the price ($1,797), this iMac is hard to beat. The only thing that would make it significantly faster would be a SSD, but I need the storage more than I need the extra speed.