In recent iMacs you would have a problem with the temperature sensors.
I've got a hybrid (Seagate 500GB) in my MacBook and it is a mixed bag. The speed up in rotational speed was noticeable (but there would be none for an iMac). But my working set of programs is larger than the SSD cache so I only see a speed up with repetitive tasks such as program development with repeated recompilations.
Boot times are no faster unless I do repetitive reboots, for the same reason. At least in my iMac, I never boot it up (I use sleep when not in use) so boot time doesn't matter. Also now, with Lion, I've gone to leaving apps running all the time so app start times don't matter.
For all these reasons I find a hybrid drive in at least my iMac to be zero to perhaps negative value (because of the temp sensor issue), and unless Seagate or someone comes out with a hybrid drive with a cache at least twice as big it's a marginal value on my MacBook.