Considering no one has a 2012 iMac, it is tough to say but you can upgrade the iMac with the Geforce GTX 680MX, which is a lower-clocked Geforce GTX 680.
Hard to get a faster single GPU today
While that's great and all for all in one gamers, there's still a place and reason people want towers w/ full blown beefy desktop gpus clocked at desktop speeds, not to mention OCing the CPU... Running some of these games at 1440p @ ultra settings and holding 60fps is no easy task, even w/ a full blown 680.
My only concern is that Thunderbolt technology might actually be a hindrance to gaming performance.... After all, using lucid virtu to copy the framebuffer of the discrete graphics card to the iGPU to output through the TB port has to translate into some performance loss, maybe enough to offset the gains of using a real GTX 680 over the mobility card... Not to mention I believe TB borrows like 4x lanes of your PCI-E... Ideally you'd use the outputs of the GTX 680 dual dvi/displayport to a traditional monitor and screw the Lucid Virtu. There are too many downsides to TB technology and Windows, including the lack of hotplugging, so you'd really need to have the iMac in target display mode on a cold boot with Windows each time you'd want to use your gaming PC.
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