I really hope the new iMacs have better heat management, so far the reviews I've read are saying that they are indeed cooler than previous generations.
Heat management is a bit overblown on the (2011) iMac, working hard in 30ºC ambient temperatures I don't see anything over 70ºC at a worst case. That is not a problem at all for a desktop.
Sure the back can get a bit hot but it's a frikken heat sink, that's what it's meant to do, I don't think some people understand this concept. If it had a plastic back then it would be cooler to touch, plastic being the good insulator that it is, but somehow I don't think that would be a very good idea.