That's not too bad, but could be better. XCode will use all available cores and your builds will be faster with an i7. This is particularly important if you're taking this seriously and are planning to create apps to sell.
If you haven't done so already, then you need to consider adding continuous integration into your workflow. This will allow you to build and test your application on all of the devices and iOS versions that you're targeting quickly and seamlessly. This will mean that any time you do a check in into your code repository, you have something like TeamCity or Hudson kicking off multiple builds for each iOS sdk and simulator and then run the automated UI tests.
This can become quite a lot quickly if you're targeting iOS4 and 3GS as a minimum since you need to test multiple versions of iOS against multiple devices. A faster CPU will be able to crunch through this quicker and you can find out if you've regressed your code by adding new functionality or fixing existing bugs. This will save you time and therefore money.
I assume that you're aren't yet using UIAutomation or foneMonkey and are only writing unit and application tests? I would look into this before your life becomes a misery.
A SSD will not speed up your builds significantly, but it will make the whole system feel snappier. You can do some searches on google yourself... "does a SSD speed up build time" and so forth.
Frankly if you upgraded your machine to 8 GBs (and I consider it a minimum if this is your main/only development machine) and added a SSD then I think your performance would be sufficient for now. However, a big display is the one thing that will make you a lot more productive in XCode. The more code I can see at the same time, the better.
I can see that you're hankering after a new iMac anyway so if you can afford it, then you should get it and you won't regret it.
This will give you an idea of how a CPU will affect a build time, although you have to consider that Chromium is one hell of a build
Here is an overview of the 2011 iMac processors
http://www.anandtech.com/show/4340/27inch-apple-imac-review-2011/2
The base 27" iMac has the base i5 2500S 2.7 GHz CPU
The $1999 27" iMac has the i5 2400 3.1 GHz CPU
The top end 27" iMac has the i7 2600 3.4 GHz CPU - which can compared to the 2600K in the chart since it's just a locked version (cannot be overclocked) of the 2600K and a couple other minor differences
http://ark.intel.com/compare/52214,52213,
Image
You can look up benchmarks yourself but often the 2500S in the base 27" is faster than the i5 2400, but the base has a slower graphics card...
Read through this as well since it's directly related to OSX and XCode
http://macperformanceguide.com/Optimizing-Build.html
On a side note, have a read through this:
http://stackoverflow.com/questions/5533799/build-slow-on-xcode4-because-of-check-dependencies
Shout if you need any more info and I'll see if I can help.