Long story short, received a 21.5 base model iMac a few weeks ago and all has been fine and dandy until a dead pixel appeared! 
Being the pixel perfect perfectionist that I am, and a little upset that my new machine had a bad pixel, I contacted apple 18 days after the order was originally received (14 days is their return policy). I explained my situation, and the rep was able to ship me a new mac and take my old one back for refund...
Not only am I getting a new one, but I don't have to spend any time resorting to my old 2007 white macbook!
Just wanted to share my experience for anyone worried about return policy flexibility a few days out of the 14.
Being the pixel perfect perfectionist that I am, and a little upset that my new machine had a bad pixel, I contacted apple 18 days after the order was originally received (14 days is their return policy). I explained my situation, and the rep was able to ship me a new mac and take my old one back for refund...
Not only am I getting a new one, but I don't have to spend any time resorting to my old 2007 white macbook!
Just wanted to share my experience for anyone worried about return policy flexibility a few days out of the 14.