Ok my 0.02 Aussie dollars...
First the disappointments
Graphics card...damn thats going to kill sales. My PB17G4 upgraded for $75 AUD to 128, why not the iMac...bizzare...wonder if its a supply, heat or space issue...or to keep their PM line sales up...can't beleive they are pushing games when the reality will be that the card wont handle them...or the new Tiger stuff next year, as well as a 128 for little more on the tco.
Big ass lower white space...shame they couldn't have done something with that.
I really think a few front mounted ports would have looked fine (usb 2, fw 400), even side mounted for usb thumb drives (would have felt a bit minority report

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Lots of people will go wireless keyboard (so no usb 1.1 easily accessible) and then need to buy a hub to stop reaching around the huge screen to get to their usb ports which will be fidley given the number of cables that might be there.
White plastic...well its the "i" mac theme, its cheaper, it doesn't muck with wireless but still if this baby had been metal look as PM new screens then I think it would really have rocked visually
Foot - Well the swivel was a selling point and distinctly mac, and now its gone. It would have been nice to see a new "leg" which allowed swivelling. Guess a thrid party will bring out a super swivel hub to both allow swivel and to provide those missing usb ports.
Ram - Apple keeping the price point down although I am glad to see that ram seems a little cheaper down under from Apple.
No dual display - really annoying having this software cripple...but given the poor graphics card thats probably needed.
Good stuff
G5 - even if its cripple with bus and ram, its a G5 and appears to finally have decent legs in an imac. Great to see.
20" - new display type, superior to 17. Very nice and the price dropped like $700 on the old 20"imac so its a great deal now.
wireless keyboard/BT/mouse combo - nice to see for ~$160 the whole upgrade that would have cost 50% more if purchased seperately.
Price...great to see the big drop Down Under.