I am still trying to get a grasp on SSD. Is this something that is going to replace internal and external drives in the somewhat near future?
In desktops, generally no. There was alot of hype about 18 months ago about flash SSD drives dropping in price to "just as low" as hard drives. Didn't happen. Not going to happen. The $/GB of storage for a flash SSD will be about 10x that of hard drives for the foreseeable future.
Everyone wants a less expensive box or a box with more storage. A SSD only box gives you one that is more expensive and has less storage.
On laptops there is a tradeoff. SSDs consume less power and are not as sensitive to being moved around. Likewise, people are generally OK with storing less on a laptop.
Also SSDs don't have to be rectangular 2.5" diameter metal boxes. You can construct one that takes less space than a standard 2.5" drive. Again a much bigger deal in ultracompact laptops than it is for a desktop like an iMac.
SSDs play a space factor in an iMac if want to have two storage drives inside and don't want to give up optical drive. There not much empty space to put a second drive. Nor is there much extra thermal budget to dissipate the heat from a second one. So that's why they fit as a "second drive" option. Also help eliminate disk I/O through firewire if have to get an external drive to do work on iMac.
As usual you don't get something for free. While SSDs are faster than hard drives they also can wear out faster. The set of users who fill their hard drive up to the brim with "stuff" and that grind away on them for a couple of years would see SSDs crap out later about as much as hard drives would. They both wear out over time.
I would add one to a new iMac should I need one (hoping I won't for several more years), but I am always keeping an eye on what I might want in the future.
If you don't need a SSD in an iMac not don't buy one. The SSDs that will avaiable two years from now are likely to be dramatically better ( last longer , cheaper, etc. ).
If our iMac isn't being severly hamstrung by slow disk I/O then you don't need an SSD. An SSD can give you RAID-0 like speeds without having to use multiple disks.