Having the two machines side by side presents a unique opportunity for directly comparing a few features side by side too.
First off the colour balance for the two machines is slightly different. The default colour balance for the 2017 leans to mildly warmer vs. the mildly cooler default of the 2010. In my Displays Preferences, it's a bit annoying too because there are two "iMac" configurations, presumably one for each iMac but with no indication which is which. I will have to do a bit a trial and error but I suspect later I'll have to go through some calibration to get them to match better.
Note that for brightness, changing the brightness of the main screen does not change the brightness of the second screen. So I have to adjust the brightness of the second screen separately, but it can only be done by eye only. When you increase/decrease the brightness in Target Display Mode, there is no on-screen indicator of the brightness setting.
For audio, I mentioned earlier that I can have the sound from the 2017 iMac output from the 2010 iMac. I'd say the 2010 iMac actually sounds a bit better, despite being much older. Neither is great, but the 2010 sounds a bit less muffled. I suspect this has to do with the design of the case, as the shell thickness at the bottom is around 1" or so, whereas it is only around 5 mm for the 2017. However, it's not critical for me, as I usually use either my AirPods (when I want to hear background noises) or the free Beats Solo3 Wireless (when I want a bit more isolation) that I got through the education promotion with the iMac 2017 (retroactively). Also, it doesn't make sense having the sound coming out of the 2010 since the 2017 is my main screen and so having the sound come out of the other screen seems a bit off. Ideally though would be to have the sound come out of both at the same time, but that doesn't seem to be possible.
Looking at text on the non-Retina screen of 2010 iMac continues to be problematic. For large text it's not a big deal, but for small text it is. I said I would have VPN on the second screen but I have tended to keep my VPN screen on the 2017 5K, since the small text from VPNing to work is just so much clearer. OTOH, large 8-bit images and video look just fine on the 2010 non-Retina screens. So I often will put a Netflix video on the 2010 while working in text-heavy applications on the 2017. Ideal though would be to have a 5K Thunderbolt Display (not the LG) to come out in 2017 or 2018 that I could use instead. The 2017 does support an external 5K display (even though it doesn't have DisplayPort 1.3 AFAIK):
https://support.apple.com/en-us/HT207448
However, it would actually cost me much, much more to buy a 5K display in 2017 or 2018 (esp. if it were an Apple branded one) than it would be to keep my 2010 iMac, so I guess I will just wait for now. I don't love the aesthetics of the LG Thunderbolt Display anyway.