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Could you guys link me to what I need?

As far as I'm aware, there's no way to do it without introducing a good amount of input lag.

I'd love to be proven wrong, but nobody has ever posted test results with the 2011/2012 27" iMacs with Thunderbolt.

I was one of those people who connected their 360/PS3 to their 2009 27" iMac which had mini Displayport instead of Thunderbolt, - and it worked pretty well with the Atlona box I had hooked up since it was designed for low-latency gaming etc.

Still waiting on something for the 2011/2012 iMacs with Thunderbolt, but I gave up holding my breath a long time ago.
 
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