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Well it isn't for a 2011 iMac 3.1ghz i5, 1gb graphics card with Lion installed as tried to install this and it said it was unsupported on my system.
 
No idea, though, I am running a 27" BTO iMac with a 3.4GHz quad-core i7, 2GB AMD Radeon HD 6970M, 16GB RAM. I will check the next time I update my system, maybe tomorrow.

I do have to say that my iMac has frozen twice within the last two weeks/since upgrading to Lion. I think the freezing was due to 32-bit Adobe Flash running into a memory wall on a 64-bit machine and OS and caused the entire system to freeze/hang. Hopefully this addresses that issue along with the high temperatures the GPU is suffering under Lion.
 
So before it applies the patch it will let you know if you can install it on your system or not? Was kinda skeptical about running it on my '09 system.
 
So before it applies the patch it will let you know if you can install it on your system or not? Was kinda skeptical about running it on my '09 system.

Yes, the installer checks your system and lets you know whether it is applicable or not (in my case n/a, iMac 27/2010).
 
I have a 2011 27" 3.4 2GB GPU model and mine didnt take the update, Texran is yours the 2GB GPU model? wonder if its only for 1GB GPUs?
 
My 2011 3.4 BTO took the update.

I have a 2011 27 inch 3.4 with ssd and 2 TB hdd and 6970 2 GB GPU. I tried to install it and it wouldn't take the update. I heard this update is for the 2011 21 inch iMac models.
 
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