I accidentally formated iMac drive and lost data. How can I recover the iMac's HD data??

I accidently formated an iMac HD that I had connected to my MBP in target disk mode. (I also had a new WD harddrive connected to my MBP at the same time and was supposed to format the WD drive in disk ultility but clicked the wrong drive. I still can't believe what a boneheaded thing that was to do..)
Anyway, can I recover the files on the iMac and if so, how can it be done?
I can only connect to the iMac via target disk mode because the iMac display is not working.
I have not zero'd out the iMac's HD or written anything to it so I assume the data should be there all fully intact for the most part.

Thanks varjak paw and ds store. I ended up using data rescue 3. I called tech tool pro and they said that DR3 would probably help me. It did, it recovered what appeaers to be all of the files and a whole bunch of deleted files.
A couple of notes:
When I ran DR3, it kept giving me a disk slowdown error and said that the iMac disk might be going. Turns out my computer that I was running DR3 on had to be set so that it stayed on all the time (no screen saver, no disk or display sleep, etc.).
Another reason I went with DR3 over SubRosaSoft was that when I called DR3, I was talking to somebody alive in less than a minute and they transferred me to tech support where they gave me instructions on how to use their software. When I called SubRosaSoft, I couldn't get anybody alive to talk to after several tries.

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