Sadly, if recent history has any bearing, you're more likely to see an Atom CPU in an Imac that's 2mm thinner than the current one - rather than seeing a capable CPU.
Actually, an Atom-ic Imac isn't a bad idea per se.
It would be interesting for people looking for the "greenest" light duty computer.
It wouldn't be interesting for anyone doing any CPU intensive applications.
If Apple believed in choice, then both an Atom-ic Imac and a quad core Nehalem Imac could be in the lineup.
But please, none of them with chins.