To me it looks like it is a ATI Radeon Mobile HD 2600XT.
Why would they under-clock it you might ask? ATI has been known to under-clock Apple products, the main reason for this is because of less demand for these cards. If you buy a X1900 for your Mac Pro the stock PC version is higher clocked. The X1600 that was in the older iMac was also under-clocked.
You all really can't think heat is a issue, a iMac has much more room for airflow then a laptop. The reason it is under-clocked is just ATIs choice. Now I have ordered a 24" iMac and I am a little frustrated that ATI is half-assing it's video cards for Apple.
Apple lists it as a ATI Radeon HD 2600Pro because that is what it is closet to, it dose seem like it performs a fair bit better then a 2600Pro but not as good as the Mobile 2600XT, so if Apple listed it as what it really is a ATI Radeon Mobile HD 2600XT people would still be upset because it would not perform like a full Mobile 2600XT. Apple probably would rather list it as something lower and have people get it only to find it perform better then to list it as something higher and everyone gets it and finds it to be a disappointment.
In windows you should be able to clock the ATI Radeon Mobile HD 2600XT up to it's standard clock speed without any problems.
I'm still waiting for my 24" 2.8GHz iMac to ship but when I get it I will do some nice tests on it.
I cry CONSPIRACY!
M$ has such a hold on the industry, that it can influence the major PC brand component manufaturers in order that the apple product will *appear* to perform better under their lame products than when running OSX as nature intended.
Well it's a theory.