It can still be done with DisplayPort 1.2/Thunderbolt 2 and two 2560x2880 connections to the GPU.
Internal panels are lvds only, I've never seen an dual lvds setup on the same panel, also os driver setup will be unusual.
I just reviewed all the *leaks*, and this seems what happened:
1) A year ago Sharp begins production of 21.5" 4K IGZO panel über-expensive for professional TV studio applications (an old strategy to test and new product before massive production).
2) 4K iMac rumour first appear at WWDC along with Yosemite wallpapers. Ni hint on new iMac sizes.
3) Some Chinese LCD market analyst on 9/12 suggest Apple releasing an retina iMac thus pushing 4K LCD panel demand, plus testing 5k products to response to Dell 5K display, somebody didn't translate it accurately which ended with the spread of the 5K iMac rumour.
4) nVidia releases GTX 9XX/9XXm gpu, few days later the drivers for those GPUs are included into Yosemite. It's well known iMac are loaded with nVidia mobile gpu.
5) despite its desktop counterpart support 5K, mobile version of the latest Maxwell gpu only go upto 4K,thus it's impossible to have an 5k iMac with nVidia mobile GPU.
6) as long I know no mainstream AMD gpu available support 5K, only latest workstation GPU are 5K capable ( D310 D510 D710).
In conclusion we could have upto 4K iMac (which ever it's size, I suspect sharp has now this igzo LCD 4k panel ready for 21" 4k iMac or new Macintosh). An 5K iMac will require either an Mac Pro (L14) or that mythical xMac with Haswell-E and nVidia GTX 970/980.
----------
The only problem with this is that there are 4K panels readily available in 24", 27", and 31.5". I've never heard of one at 21". Now of course, that doesn't preclude Apple from offering one, but it seems far more likely for them to adopt more mainstream 24" panels for a Retina 4K.
I could definitely see them going with a single size display for now, and again, 24" makes a lot more sense if your consolidating to a single screen size.
The "leak" about a third party 5K makes no sense what so ever as no Mac (Pro or otherwise) can drive it unless using dual TB2 which is unelegant and limiting. It makes a lot more sense to offer a 24" retina TB display that's easily driven by any Mac built with TB2.
Sharp has one 21" 4k IGZO on the Pro studio market sibce last year ridiculous expensive.
Hdmi 2 is 5K capable at 30hz, Mac Pro L14 will have it.