Wow! Thanks to everybody for your honest opinions. I was surprised at how thorough most of the comments were.
Well, I have purchase the iMAC in question. I understand the Pros and Cons. For one thing, it's not the best deal on the planet. But honestly, I sometimes try to avoid "too good to be true" deals in favor of better peace of mind while still avoiding retail prices. There was very little risk with this one. 1. Seller was reputable, 2. Mac was new in Box, 3. Included Applecare, 4. I could pick it up (no risky shipping) 5. All original receipts, Plus, 6. I saved about $450 over the new aluminum iMac. Now I have money left over to max out the RAM.
Overall, I've been using it for a few days and I'm quite happy. I noticed a few bugs on this my first Intel Core Duo System, but overall, still very good. I really like the screen too. Like many of you mentioned, I'm not all that impressed with the graphics card. But then again, I don't do heavy video editing and 95% of my graphics work is 2D. Then for running Logic Studio (which I've yet to buy and install) it should work fine.
So again, thanks, I'm pretty happy with the purchase. I'll post any updates soon.