Difference between 21.5" and 27" iMac (GHz)

I'm looking to buy a new iMac for performance-intensive work on applications like Final Cut and After Effects.
Is there a noticeable difference between the 21.5" iMac (2.8GHz Quad-Core Intel Core i7) and the 27" iMac (3.4GHz Quad-Core Intel Core i7)?
And by that I mean is the $500 or so price difference going to be readily apparent in how fast the the computer is?
Additionally, each computer would have 16GB of RAM, and I suppose I'd get the AMD Radeon HD 6970M 2GB GDDR5 for the 27" vs. the AMD Radeon HD 6770M 512MB GDDR5 for the 21.5" if that would make a difference.
Thanks!

Hello Sam.
The 27" is worth the $500 for the screen real estate alone in my opinion.  I just replaced a 3 year old MacPro at work with the 27" i5, iMac for my graphic designer who uses Final Cut Studio as well as several Adobe products to produce HD video.  The iMac has 16 GB RAM, 1TB HD, 1GB video RAM and far out performs the MacPro that has 20GB RAM.  My designer went from a 20" Apple Cinema monitor on the MacPro to the 27" iMac and absolutely loves it.  He tells me that the rendering speed is much faster than the MacPro.  I'll assume you will get similar performance with the 21.5", but we made the decision to pay for that 27" display and do not regret it at all.
Hope this is helpful.

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