The cheapest iMac that Apple has recently unveiled is not for a general buyer. The new iMac model, sold at $999 is only available for schools and other educational institutes. The cheapest regular model comes with a better specification an a price tag of $1199.
The lower price of this version of the iMac also comes with a price. The processor is Intel Core i3 CPU clocked at 3.1GHz (the cheapest regular model comes with 2.5GHz quad-core Intel Core i5), a 21.5-inch LCD screen, and AMD Radeon HD 6750 GPU with 256MB memory (against, 512MB of GDDR5 memory in regular model), 2GB RAM (against, 4 GB RAM), a 250GB hard disk drive (against, 500 GB), a SuperDrive and Mac OSX Lion. The new model doesn’t have a Thunderbolt input, when compared with the regular model.
With all these handicaps, the new, cheaper model doesn’t seem to be cheap in essence.