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Depending on the iMac, you would have to watch out for the TDP of the CPU. Only the 27" iMac can take the top i7 with a 95w TDP.
 
Would it be possible to swap out a i5 processor for a i7 processor after your warranty runs out?

In 2 - 3 years, there will be a new series of processor much faster than the i7, it won't be worth the effort or cost to upgrade your existing machine for only 20% performance gain, when the new processors might be 50% - 100% faster.
 
In 2 - 3 years, there will be a new series of processor much faster than the i7, it won't be worth the effort or cost to upgrade your existing machine for only 20% performance gain, when the new processors might be 50% - 100% faster.

Good point, I was just wondering if the motherboard's are the same in the 27" base models as the higher end models that come with the i7 processor's. In a couple of years you should be able to pick up a i7 processor for pretty cheap and get a few more years out of your iMac.

Thanks
 
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