Hi All,
I'm considering the same two models the OP was looking at, the 2010 27" iMac with 2.93Ghz i7 4GB RAM and an ATI Radeon HD 5750 graphics with 1GB memory compared to the stock 2011 27" iMac with a 2.7Ghz i5 4GB RAM and AMD Radeon HD 6770M with 512MB. The 2010 iMac would cost 1569 and the 2011 iMac would run me 1599 with the student pricing and come with a $100 gift card.
I'm enticed by the faster processor and graphics card on the 2010 model, but am hesitant for a few reasons. One, I would probably need to pay for the upgrade to Lion as it is not a new Mac (although I'm not entirely certain about that). Two, the 2010 iMac has 3 Gb/s SATA connectors to the hard drives, whereas the 2011 iMac has 6 Gb/s SATA connectors, which would improve the performance of a solid state drive if I add one down the road. Thunderbolt is obviously a benefit for the 2011 machine, but it's hard to say how big a benefit it will be as there isn't much on the market that utilizes it.
Anyway, I'm getting an iMac as a graduation present and my budget is around 1700 (but I might increase that a little to squeeze apple care in since it's discounted for students as well).
My main uses are going to be for home entertainment, photo editing, some gaming, and I'm beginning to learn some basic programing. I guess what it comes down to is if the 2010's processor and graphics benefits outweigh the future potential of SATA 6 Gb/s SSDs and Thunderbolt in the future or if the i5 on the 2011 will be enough.
Thanks!