Its a good idea......
As much as was argued on this subject on another post, it is a great idea!, and if Apple could do it, then great... but I don't think they will..... the New iMac is THE ENTRY level machine to the Apple range, (exc the low end iBook that is price wise the real entry point) As AlphaTech pointed out though, the cheapest iMac is $101 cheaper than the $1500 quoted..... for a basic but swift entry level machine!!
The Cube is dead and buried and will never come back, but why would you want it too!!?? Apple could come up with something just as lustful, and be of a new design, instead of rehashing something that is 2 years old!! Apple is a forward looking company, that Innovates..... there is nothing innovative about re-releasing an old design!!
Oh I hope if they do release a new entry level machine, I like the idea of a cylinder for the machine, or even a ball shape, they don't come any rounder than that!!

But not white... please oh please not white........ I think I must be the only one who thinks the iBook's lid doesn't look right!!? White just doesn't look right!! (personal opinion here!!)
I do prefer the colour, design and aesthetic of the TiBook, and would rather see Apple release a 13.2" screen version of this......... Also a sub note book of maybe 10.2" with the aesthetics of the TiBook not the iBook.... for sub $1000 but be G4 based!!
If the much fabled entry level machine is released, I'd rather it be a G4...... 550Mhz chips must be plentiful and relatively cheap to get hold of, and because OSX supports Altivec it really is the way to go, on another thread I suggested the it would be good for Apple to all be on the one family of chips, G4's, rather than short change people with the G3 chip, Jobs has stated that OSX needs a G4, and having the whole Apple range on G4 would mean that you would have a range of G4 based machines from low range entry level machines, mid-range machines all the way through to the Pro-Macs...... (Obviously these will switch to G5's but it would look better to have the rest of the range only a generation behind when this does happen, as opposed to two generations behind!!).....
My idea for basic specs for an entry level machine would be as follows....
G4 500Mhz to 550Mhz
10Gb and 20Gb hardrive
128Mb and 256Mb RAM
ATI 16Mb Video card that can be upgraded when desired.
CD-RW drive (People need this functionality now).
56k Modem
Ethernet
1x Firwire
1x USB
My preferred aesthetic would be original and not a juxtaposition of previous designs, and shaped either cylindrical or a complete opposite and make it Monolithic, not in white... as it's horrible....... and would sell for $899 and have a special price option for a Apple LCD display!!!
Actually the above would be disturbingly close to an Apple branded X-Box...
