You want to say, that it's possible to install the whole System ( OS X and probably bootcamp) on a external SSD ( USB3 or Thunderbolt ) and use the iMac Drive only as an archive Drive?
You can definitely install OS X on an external drive. If I was buying a 2012 iMac, then I would get one with a normal HDD, and then add a fast external TB SSD, such as this one:
http://store.apple.com/uk/product/H...256gb-ssd-thunderbolt-hard-drive?fnode=5f&p=1
Installing bootcamp on an external drive is another matter. I recall one user claiming that they had managed to do it on the iMac sub-forums here, but it involved a bit of tinkering about using an app like Winclone.