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1 year maximum , because then again a new one comes , ok you can buy one every 12 month if you wish , but always remember the first revision always has some little flaws, so i would not be surprised if the new sandy bridge /thunderbold would not work like it should in all iMac's
like the first 27" displays , brand new technology yes , but came with flaws , so getting always the newest can have downsides too

Yes you're right. I've been there. I bought a playstation 3 on January 07 .. just one year later, it broke and had yellow light. While today's PS3 with cheapo build quality and less price perform much better

So does the iMac, you should give them some time to be mature. Early 27" screen has yellow tint, and you'd be put to shame by PC contenders, they got their PC for half price, same performance and no yellow tint on the precious display

I'd wait for 2nd revision of 2011 iMac, just to make sure everything's fine
 
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