I think it's time we got back to the topic at hand in this thread. Following the barefeats benchmark, I'm sure there are a lot of people googling this topic. Let's try to preserve the integrity of the macrumors community, and provide some useful information to those who might be seeking it.
While I don't agree with the tone in which much of the information was presented, I think we have to acknowledge the useful information that D4F has provided; Namely, that his 3.06 iMac w/ 8800 GS is performing very well in applications which make use of OpenGL. This leads him to suggest that the 8800 GS option on the iMac should be seriously considered, not only just by gamers, but also users who rely on OpenGL.
Likewise, many have suggested that poor performance in Core Image/Core Animation/Core Video applications might be related to immature video card drivers. Most agree that the driver will be updated by Apple, but some disagree as to the timeline (some posters have pointed to issues with video cards in the past, and the length of time Apple took to resolve those issues).
However, I think it is fairly conclusive that the card's general performance will improve, seeing as the performance does not currently represent the physical capabilities of the card.
Judging from the posts that have been made so far, unless new information is presented, all that remains to be discussed is if the probability/possibility of a fix from apple is enough to justify the purchase. In the end I think it comes down to personal preference.
My 2 cents: I am treating the issue as I do the prospect of an update to the product line. Wait if you can, buy if you can't wait. I would highly recommend that anyone purchasing a 24" iMac seriously consider the 8800 GS, unless a) Your use of the computer requires the absolute fastest performance from day 1, and you don't rely heavily on OpenGL, or b) You'd rather save the money, and don't mind sacrificing the potential performance benefits (and/or potential resale value).