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I'd like to see it keep the DVD drive, maybe with Blu-ray. I often watch DVDs on mine, and if I had the 27" model, that would be an even better fit for watching DVDs.
 
Want:

SSD or HD/SSD combo
Serviceable RAM
Better graphics card
1 TB standard HD
USB 3.0
FireWire port (dont cut it)

Do not want

Retina display because cost
Only Thunderbolt peripherals
 
The ability to plug devices into it (a la iMac 2009/2010). I mean hello? Why can't I plug an XBOX 360 or other non-Thunderbolt/Mac products into my lovely 27" screen? Apple? You gave us the ability with the 2009/2010 27" iMac, so why'd you take it away in 2011? :(
 
The ability to plug devices into it (a la iMac 2009/2010). I mean hello? Why can't I plug an XBOX 360 or other non-Thunderbolt/Mac products into my lovely 27" screen? Apple? You gave us the ability with the 2009/2010 27" iMac, so why'd you take it away in 2011? :(

Plus 1 on this. I would love to be able to hook up my Xbox. Don't think it's going to happen though.
And as for all the people hoping for blue ray forget it. You will be lucky to retain the ODD.
 
A coffee hooper on top, dispensing brewed coffee from the bottom. I'm tired of having to leave the den just for a cup of coffee.

A lighter weight so its not such a strain to lift as I travel frequently with my iMac across country.

A faster graphic processor that's limped right out of the box by a functionally irrelavant desktop Retina display.

Higher operating temperature. It's a PITA to keep a space heater around for cold winter days when i already have one operating appliance in the room.

A 55 inch display with all video connections ports known to man in case i want to replace my already functioning family room TV. Oh, still retain the same overall size of the exisiting 27" iMac.

No hard drive or SSD at all, net boot right out of the box. As, like myself, 99% of all users maintain their information on a local network and backup to the Cloud.

A Centronics port, so i don't have to tie up a USB port for a Centronics to USB adapter or give up my perfectly useful DMP 110 printer.

A CRT display so I can once again sleep instead of spending endless nights searching for that one dead pixel i know exits on my perfect display that shouldn't at the price I paid for the damn thing. This should also help increase the heat output.

Three ODD's so I don't have to do so much disk swapping to backup my terabytes of non-critcal data to CD's that i bury in a vault in the back yard. So after the apocalypse I can restore all my favorite Youtube clips I downloaded to my local machine for safe keeping.

Since 90% of the world's populaion wants these features in a new iMac I am 100% certain they already exist in the soon-to-never-be-released 2012 iMac.
 
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