Each Thunderbolt signal carries DisplayPort + PCIexpress. If you have Thunderbolt display, it will be able to separate video signal from DP and data fron PCIex.
Now if you have monitor only with DisplayPort input, such as ACD or 2009/10 27" iMac then it will run just fine. But data signal will be ignored. Press cmd F2 on your iMac under osx to switch to target display mode.