I think the fear of the iMac being laggy "like crazy" is pretty much unfounded. We'll have reviews soon, but here's how I come to that conclusion:
Keep in mind that the 2012 rMBP has no problems running 1920x1200@2x (9.2 megapickles) via the integrated HD4000 graphics, which is ridiculously underpowered compared to the baseline R9 M290X.
And yes, the rMBP had some UI performance issues back in the day (especially with 10.7), but things have been
improving massively over the years due to software optimizations (in other words: offloading more stuff to the GPU).
The 5K iMac surely won't be the machine to play modern games on at native resolution (you'd need two of the highest-end desktop GPUs available today for that), but for normal desktop use, I don't see why there should be any problem unless unoptimized software is at play. It will probably even handle some older games at full 5K resolution just fine. For newer 3D games, you'll have to drop down to 1440p or 1080p.
I'd still get the higher end GPU because I do some 3D stuff and GPUs become the bottleneck faster than CPUs do*.
Apart from that: Since the iMac is already in stores, it won't take long for the first reviews to appear.
Anyone who fears major performance issues should just wait a few days.
* Simply due to the fact that we're still seeing high year-over-year performance gains on GPUs while CPU performance is slowly stagnating in recent years.