In the three weeks since I've had my 27" imac, I've noticed increasingly slow internet speeds. My Airport has all bars, and my Mac Air is working great. What to do? This is custom-configured, box thrown away, and panic setting in!
We're having a similar issue with a brand new 21.5" iMac.
Wired or wireless makes no difference, internet speeds sucked.
I turned off the automatic settings and manually configured the network card to 100 base (1000 is moot since my internet connection is only 10Mbps) and set flow control to full duplex only.
Really helped a ton.
I use a wired connection, but I suspect you can make similar adjustments to your WiFi settings.
In my case it was the "5GHz bug" with the mid-2011 iMacs. Limiting my base station to 2.4GHz bands solved (khm... circumvented) the problem. Now waiting for a firmware update