Having considered just about every configuration except the base 21" and the BTO GPU (not a gamer), I think I've finally settled on the base 27" with Fusion Drive.
For what it matters, here's my thinking:
1) I'm replacing a 2009 i7 iMac which actually performs fine for me from a CPU standpoint, and the 2.9GHz i5 in the new machine should be in the same ballpark. However, I've been booting from a variety of FW800 SSDs since I got the machine, and while this is faster and more responsive than the internal HDD, it will still be nice to eliminate the awkward setup and management hassles with the Fusion Drive.
2) The biggest single reason for the upgrade is Thunderbolt - I'm a professional photographer and my photo library lives on a 4TB RAID that can only connect via FW800 now. My working versions of my current year photos are on the internal drive for speed, but I'll be getting the Lacie eSATA Hub to hook up the RAID so that I can work directly from there going forward.
3) USB3 - I have one USB3 enclosure already; it currently houses my iTunes media, but I'll probably move that data to the internal drive and use the USB3 drive as my nightly clone of the internal instead.
4) Less reflective screen - while my screen doesn't face a window, sunlight coming into the room still causes a fair number of reflection issues, so this will be a welcome change.
Why this specific model? I had been leaning toward a maxed-out 21.5" i7, but came to the conclusion that the i7 probably isn't necessary (I have iStat Menus running, and just about the only thing that maxes out the virtual cores is Handbrake). Once I came to that conclusion, it was really down to two virtually identical machines - 2.9GHz i5 21.5 vs 27, with the latter having a slightly better GPU. There is a $300 price difference, but since I'll be able to buy 3rd party RAM and install it myself ($50) rather than pay Apple for 16GB in the 21.5" ($200), it's really only $150 for the bigger screen and better GPU. That seems like a good trade to me.
Of course, that doesn't mean that I don't still ponder getting the 21.5" instead just so I can get it sooner 🙂
A day later, and I've changed my mind - going with the 21.5" 2.9GHz i5, Fusion Drive, and 16GB. Yes, I'll overpay for the RAM, and I won't get the 27" screen for a mere $150.
However, I feel pretty good about the decision, because I actually did some testing today to see exactly what it will be like to have the smaller screen. I have my 27" set up with multiple Spaces for different types of apps, so I went through each one and rearranged and resized the windows to the size they would be on the smaller screen (I also switched my wallpaper to black). Since the 21.5" is a few inches shorter than the 27", I also positioned the windows so they are at the correct height.
What I found was interesting, from a psychological perspective - the space looked hopelessly small when I started the process. However, by the time I got everything arranged and started working with it, I really liked it. Unlike the 27", there isn't room to put 4-5 apps on one screen, so I had to rearrange things, having 1-3 apps per space. I didn't have the constantly-updating information overload that I sometimes feel with the 27". Yes, I could do the same sort of rearrangement on a 27" screen, but with so much space, it ends up looking odd, and wasteful - why have the 27" screen if you're not going to use all of that space?
In the end, I think the 21.5" feels like it fits Apple's current ethos better - while I won't run all of my apps in full-screen mode, there is an enforced winnowing-down of what is in front of me at any one time. It feels, oddly, kinda like a big iPad (I use a combination of Magic Trackpad and Wacom tablet), with it's limited information density on any one 'screen' - this may be better for my concentration/attention span.
Interestingly, earlier this year I switched from big Canon DSLRs and lenses to the smaller, less expensive Olympus OM-D system. Technology has gotten to the point where I don't need the biggest, most expensive cameras to get the shot any more, and I feel like going with the smaller iMac is similar. I no longer need the biggest, most expensive configuration to do what I need to do. So, much like switching from a camera/lens combo that weighed 3 pounds to one that weighs a pound, I'm switching from a 30+ pound computer to one that weighs 12.5 pounds.
Also, this lets me get it sooner
🙂