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I had a mac mini 2.0 ghz, which isn't too far off from an imac since both are laptop parts.

I know this is a MP forum but I have to disagree with the above statement you made. Whilst they both use laptop parts, the iMac is a lot faster than the mac mini.
 

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My G5 does handbrake VERY well. 😀 An iMac should be just fine. Get the warranty though - just in case you burn out the dvd drive.
 
My G5 does handbrake VERY well. 😀 An iMac should be just fine. Get the warranty though - just in case you burn out the dvd drive.

Or use Mac the Ripper to rip it then use Handbrake to encode when it is on your hard drive. Saves lots of wear on your DVD drive.
 
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