If I bought one now, and in April they put in the ATI 5x cards, would there be any way me, or apple, or an apple repair centre, could put in the new chip? Or is it all linked up with the moboard and all that.
I think I can look at the problem of iMac gaming like this:
Stage 1: Get an iMac 27 inch i7. Use it for medium range gaming and high performance general computing for about 2-3 years.
Stage 2: After 2-3 years, while it will still be a good computer, the 4850 will restrict gaming. At this point, I will build a cheap gaming PC and have it output to the iMac display when I feel like gaming. This is possible because most high end video cards support output to DisplayPort. Otherwise I will use the iMac for all computing.
Stage 3: Once the iMac has been expended of it's utility, then it can function as a display for a Mac Pro (with upgraded video card). Since Mac OS X has to be running while acting as a display, I can have the iMac operate as a file server for the rest of its life.
Assuming the iMac doesn't fail, it has a long life ahead of it. This is why I'm not concerned about USB3, Light Peak, or the 4850.
In response to you question, I have heard the GPU is socketed. But replacing it might a) void your Applecare/warranty, b) prevent it from booting, c) cause problems with heat. Oh, and Apple nor any authorized service center will not do it for you.