Adobe Premiere/Final Cut on 2011 iMac 21.5'

Hi, I am a new Mac user. I've been using PC since forever.
However, right now I really need a desktop for my photography and videography work. Aside from being a full time student, I am a part time wedding photographer, I find my PC laptop can't handle the amount of photoshopping I'm doing. Also it can't run Adobe Premiere and Final cut.

I know I can get PC for less money but Apple offers 12 months financing which allows me to get a computer right away.

I am looking at the cheapest iMac option. It has
2.5GHz Intel Core i5
1920 x 1080 resolution
4GB (two 2GB) memory
500GB hard drive1
ATI Radeon HD 6750M with 512MB,

I wonder has any of you run video editing software on this machine and how does it turn out?
is its graphic card powerful enough to compile 1080P videos?

Thank you very much,
Calvin

I don't do videography, but many do on our forum. Just wanted to make sure you were considering the Apple refurbs. Here is the same model:

Refurbished iMac 21.5-inch 2.5GHz Quad-Core Intel Core i5. $999
Refurbished iMac 21.5-inch 2.5GHz Quad-Core Intel Core i5 - Apple Store (U.S.)

Has same as new warranty and generally refurbs are in like new condition

Should I wait for the newer generation of iMac?
Is it supposed to release in April/May?

Should I wait for the newer generation of iMac?
Is it supposed to release in April/May?

No one outside Apple knows when the next release will be.

We could guess, but then you might take that seriously and we'd just be guessing. The only thing I think we can be sure of is:

a. The current iMacs are INCREDIBLY capable machines
b. There will be a newer model someday.