Hmm, Jobs has moved on from the iMac yet that mysterious black-shrouded object is still on the stage in front of him... Cinema Display ahoy?
As for the redesign, I think this is going to look stunning in the flesh, uh, metal. The only real problems the iMac had (IMO) were the plastic looking a little cheap when you got into the bigger models and the chin unbalancing the look of the unit on either the 17" model (because of screen size relative to chin) or the 24" (too much white plastic). The reduction in thickness is going to really make these things stand out and, I'm guessing, the aluminium is going to look fantastic under Mac Store lighting.