Just addressing the Intel Iris Pro graphics: I personally think you guys are making a mountain out of a molehill based on a VERY unrealistic understanding of how entry-level iMac buyers use their computer.
That Iris Pro would run RINGS around the graphics card in my 2009 MacBook Pro (the Nvidia 940M), despite mine having double the RAM and doing everything I could want it to do (yes, there are a bunch of high-end games I don't get to play, but you know, WHO CARES).
http://www.phoronix.com/scan.php?page=article&item=system76_gazelle_galago&num=4
(the above links shows the Intel Iris Pro 5200 whomping the tar out of an Intel HD 4600 with a far higher clock speed)
As you yourselves said, the 21.5" iMac is ENTRY-LEVEL. This is why Apple doesn't want you opening it up, for RAM or anything else. Did you know that well over 85 percent of computer buyer have NEVER opened their machine for any reason at all ever? "Upgraders" like us are an unbelievably tiny niche inside a niche.
I'm just saying that the use of a "integrated" video card that is, by all accounts, as good as nearly every video card that's ever been in all but couple-three years' iMacs is sooooooo not an issue to 98 percent of the people who buy such machines. It's like saying the iMac is inferior because it doesn't come with an anti-missle system -- it's utterly irrelevant to an entry-level buyer.
The ability to add RAM and order beefier video cards is what *distinguishes* the 27" iMac from its little brother, even more so than the screen. A 27" iMac is for the serious user, not the hobbyist. These abilities (and other factors like the price) separate the hobbyist from the prosumer.
As I see it, Apple makes choices like this to keep the cost down for the non-power users who are the most likely buyers of such a model. We nerds often have trouble relating to "light duty" users, who I am led to understand even sometimes go days (DAYS, PEOPLE) without even turning on their computer!!