I have the humming sound going on my alu 20" imac, and seeing as it is constant when i rev up the fans using smcFanControl, it is impossible for it to be coming from the fans. I have instead ruled it out to being the HDD. It spins up nice and slow just like a drive does when i wake the computer from sleep.
If you listen carefully to your imac as it wakes from sleep, it will rev up the three fans individually, and then drop them down to lower speeds, meanwhile the harddrive will come to life and slowly rev up to its 7200rpm, and the humming comes in place.
Another weird thing I've noticed is that when I have my Maxtor OneTouchII drive mounted the noise starts to pulsate. This is probably because the drives run att similar speeds, 7200rpm, and there is interference between the two so that the noise is periodically cancelled out.
The hum from the external drive has the exact same frequency as the hum from the imac.
I think it's going in for repairs..
Yeah - it sounds exactly like hard-drive vibration. Unless it's really loud - I'm not sure I'd be too worried about it. I don't know if the Aluminum iMacs have elastomer hard drive mounts like the White iMacs. (I can't imagine Apple going backwards with technology - then again, I do have Leopard) But in all truth, some platters are balanced better than others, and will be quieter. If it is a lot louder than your fans - then I might get the mounting checked out (be sure it's in correctly) and maybe try and get another drive. I seem to be lucky in owning a very quiet iMac - so can't give you a huge idea - but I cannot hear my hard drive OR fans. The first thing I can hear in the dead of silence - is my backlight power supply FETs / Transformer (PWM) whining.