I'm not sure that I believe the video, HD and RAM specs, since they are exactly the same as the old specs. Why introduce a completely new machine and saddle it with last year's technology?
I especially hope that the graphics cards will be better than this suggests, since I doubt they will be upgradeable. When the FX 5200 Ultra was introduced MONTHS ago for the Power Mac, everyone was trashing it. Surely, for the extra $50, they could at least add the Radeon 9600 to the 20" model🙄. Better yet, how about using the 64 and 128 MB versions of the Radeon 9700 - if they're small and fast enough for a Powerbook, they're small and fast enough for an iMac.
Similarly, the HD configurations seem a bit lame. After all, even the current eMacs sport 40-80 GB HDs (I know, the low end model is supposed to replace the eMacs, but would you replace an old machine with a new one whose specs were no better? For that matter, when the 60 GB iPod comes out, how would it look to be selling a desktop than had a smaller HD than an iPod?). And why not go with SATA across the board? It's not that much more expensive than ultra ATA, and using one standard on the MBs should reduce costs.
And still only 256 MB base RAM for the top model? Once again, no better than the previous models. I sure hope not! 256 MB doesn't exactly showcase OS X...
Oh, one more thing...
Apple will NOT discontinue the $799 eMac and replace it with a $1299 low-end model. That would be corporate suicide...