What is the best iMac setup without spending a fortune?

Okay so I am looking to purchase a new iMac. I do a little video editing and a decent amount of photo editing and music editing. I will probably do some gaming also, but I know most of the hardware upgrades don't really affect the gaming ability. So here is my question. I want to get a 27" iMac, and I'm wondering what are the best upgrades for the money? I want the best performing system possible without spending too much money. Basically, what system setup (Ghz, RAM, drive type/size, i5 vs i7, etc) will give me the most noticeable difference in performance. I don't want to invest $200 more for i7, $200 more for bigger RAM, etc if there is only going to be a very minor performance improvment. I hope this all make sense, and ANYBODY's help is MUCH appreciated!!! Thanks guys!!!!

I would say any of the 27" iMacs would be a great solution. If you tend to keep computers for 4-5 years then it's wise to invest in the most power iMac today. In 4 years you will have a 18, 16, 15 and a 11 year old and you can be sure their interests will change. In that case I'd probably opt for the i7 CTO iMac with a 2TB HD. Do not buy additional RAM from Apple, buy that from reputable vendors such as OWC (www.macsales.com) or Crucial. Upgrading RAM is incredibly simple taking less than 10 minutes to do. I would upgrade the RAM to 12 or 16GB. I would stay with the base graphics card and consider getting the SSD option which will enhance speed.
If your habits are to keep computer for 1-2 years and then recycle them then either of then I'd probably opt for the base 27" iMac with the same HD noted above and RAM recommendations.

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