My new 20" Rev C. iMac also makes a slight buzz - when I put my hand over the vent in the back, the sound is muffled, and when I remove my hand it starts again, which makes me certain that it is coming from within the case, and not from a stand vibration. I've also picked up the iMac, and put some soft stuff (velcro, actually) underneath the stand to make certain the vibration wasn't coming from anywhere else.
I also tried the web chat help system, and typed with an extremely polite individual who seemed to do his best to help me out. He gave me three suggestions:
1.
Resetting the SMU and seing if that helps (link is to Apple's support page on the process)
2. Removing the extra Ram that came with the computer, and seeing if that helps
3. Running the hardware check program on the original DVD
I've tried the SMU reset, but that didn't change the noise, however I'm not certain whether I'm going to do much else about the situation. I was initially worried, because I didn't want to ignore a hardware problem, and have the fan fail during heavy use and cook the computer, or something, and I also had subtle fears that the noise would get louder or more annoying as time went on. Now that I've heard that several others have had a similar experience, I'm more willing to consider the possibility that the computer is not quite silent, and leave it at that. I'm not using the computer as a media centre, except for some music, and since that is streaming through the Airport to the bigger speakers in the living room, I don't think it'll bother me.
That being said, I'm still curious - does anyone have a Rev. C iMac that is completely silent? My sister has a Rev. B (bought it JUST before they announced the C) and she reports that she doesn't recall it making noise when idle, but that she'd have to check to be certain. I've also thought about visiting a store with iMacs in stock, and listening to them, to get an idea of what to expect normally, but obviously a lot of places around here have had trouble keeping them in stock

.
If anyone has further information on the issue, I'd love to hear about it. If this issue does (in Apple's eyes) warrant a quick replacement, I'd certainly consider that avenue - but if by and large this is just the way the Rev. C iMac functions, I could live with that as well. It
is a lovely computer, after all.
Thanks for all the information, everyone,
Anik