Thanks for the great post ehurtley and the info you provided.
I guess another issue is having your warranty voided if you replace the CPU. On the iFixit website for the 27'' tear down they said: "The processor is socketed, but there's a "Warranty void if removed" sticker above one of the heat sink's screws."
As to the upgradeability of the iMac; we won't know if they are socketed until they are delivered and someone takes it apart; but the very first Intel iMac used a socketed Core Duo; and was fully upgradeable to the later Core 2 Duo just fine. So short of soldering the processor down like they did later, Apple will likely do nothing to limit the upgradability. If the processor is socketed (as expected, since the just-released low-end Core 2 iMac is,) then you can safely buy the Core i5 version, knowing you can later upgrade to a socket 1156 Core i7. (Either the currently-available 860 or 870; or a future-available faster model.)
I guess another issue is having your warranty voided if you replace the CPU. On the iFixit website for the 27'' tear down they said: "The processor is socketed, but there's a "Warranty void if removed" sticker above one of the heat sink's screws."