Bodhi395,
Like you said before we are in the same boat. I have been driving myself nuts on this but I think I am going to cave in too before the promo ends. I think it would be nice to have the most up to date stuff, but I really don't think we are going to regret buying the iMac as is. In the past I have bought state of the art technology and before you know it it is outdated. My current laptop computer for example has a 40gb hard drive which in 2004 was huge. Now the iPod has a SSD that is close to that!
But the question we are asking ourselves is are the new updates going to make your computing experience any better and keep it relevant over a longer period of time? If so is it worth passing up on a really good deal?
I think the answer is No to all of the above and here is why...
In my opinion here are the more then likley updates, all of which are not "huge" redesigns.
1) Processor
2) GPU
3) Firewire
4) USB 3.0
5) iPod touch with camera and possible Facetime (Since you are getting the promo too this should be considered, although highly unlikely)
In four years the current iMac will be outdated and guess what... so will the refreshed iMac that we have been waiting for! The other things to consider is that it is not guaranteed what exact updates we are waiting for, when exactly it is going to happen or that the price will stay flat @ $1199 . Also with new technology there are usually a few bugs that have to be worked out. (See 27 in iMac screen yellowing and iPhone 4 reception)
I think that the iMac is going to be a huge improvement of what you currently have, it is def going to be for me. You are getting a free iPod Touch, a free printer, and money off a very excellent machine. Sounds pretty good to me!