My opinion (and no more): it is as attractive and appealing as every new Apple product proves to be. These folks are past masters at design. Note the intentional mimicry of the iPhone with the black bezel around the screen. Quite beautiful.
But here is my interior monologue when I see the iMac: okay, pat your wallet gently and let it sit, because this iMac will never hold more than 4GB, which someday will be a hindrance to you. Not now. Not a year from now. But eventually, and well within the life you may reasonably expect from a new computer, you're going to bump your head against the ceiling of 4GB *even* if it's a secondary machine.
Secondly, a dual processor will (within the year) be considered the slowest configuration on the market (Mac Mini aside).
The new iMac price point is not competing with a Mac Pro, but it competes directly with a higher-powered, used G5, which can be maxed to 8G, has slots for expansion and accomodates more drive space. You would also get Firewire options. And yes, a used G5 is not one fifth as exciting as a new iMac. But the goal is making music. I'm concerned that the iMac, for lack of interface, sits in its own private Idaho. And for a virtual orchestra farm, that is of no little consequence.
As a postscript, I'd find it goading to buy a computer in August, knowing that I'll probably shell out a fresh 100 dollars for Leopard in a couple of months.