Christ, the iMac is still a bad deal. Dell just updated their site:
This is what you get for
$1299:
http://configure.dell.com/dellstore/config.aspx?c=ca&CS=cadhs1&l=en&OC=92004PD_F_1E
Intel® Core 2 Q6600
Quad-Core (8MB L2 cache,2.4GHz,1066FSB), english
Genuine Windows Vista Home Premium Edition
2GB Dual Channel DDR2 SDRAM at 667MHz - 2 DIMMs
320GB Serial ATA 3Gb/s Hard Drive (7200RPM) w/DataBurst Cache
Integrated 7.1 Channel Audio
256MB NVIDIA GeForce 8600GT-DDR3
Single Drive:
16X CD/DVD burner (DVD+/-RW) w/double layer write capability
22 inch E228WFP Widescreen Digital Flat Panel
For an extra few hundred bucks you can drop in a 8800GTS/GTX, and then you have a pretty godly quad-core monster machine.