At this point, a new iMac is likely to be released within a month. If you can wait, I'd wait. At that point, check out
Low End Mac's "value equation" article (they do one every time new hardware comes out comparing the new hardware to the old, including the 'new old stock' pricing on the previous-gen model and even previous-gen refurb prices. Excellent way to compare.
The 4850 is faster than the 5670, sometimes just barely, sometimes by a long shot.
The Late 2009 iMac could have either a Core 2 Duo processor or a quad-core Core i5 or i7 processor.
The Mid 2010 iMac (still the current model as of today,) can have a dual-core Core i3, a dual-core Core i5 (as a build-to-order upgrade from the dual-core Core i3 only,) or a quad-core Core i5 or i7.
The replacement (due any day now) will very likely use the "Second Generation Intel Core" processor, which is quite a bit faster than the ones in the current model. And the graphics will likely be upgraded to the point that even the 'low end' option is better than the 4850. But depending on how well they discount the now-current model, it may be a better buy.