For development, I don't know if either of those are significant advantages. Even if you're running a lot of companion design apps, 16 gigs is totally fine for development, and an iMac maxes out at 32 gigs. (My Mac Pro is 8 gigs, and it's getting a little tight, but it took a while.)
Dual displays are nice for development, but six displays can't get around the fact that when you're writing code, you're only looking at one window at a time. Two maybe for reference plus code. I've seen people make good use of three (which Mac Mini, iMac, and Macbook Pro all still support.) But six?
I'm not saying the 4 core Mac Pro doesn't do something things better, but none of them are really relevant to development. The best case for the 4 core Mac Pro that I think could be made for a developer is that it could eventually be upgraded to a higher core count, or that the developer is in a specialty industry (like pro video app development) where the large number of Thunderbolt ports and GPUs are necessary.
I'd say maybe even gaming, except the iMac's GPU is in a lot of cases better for gaming under OS X still, and is ample competition under Windows.
I kind of understand the all-external-display argument, but that's a lot of cash to put out when you could buy two iMacs for the same price. And iMacs still support external displays.
Heck, for the amount of money a 4 core Mac Pro costs, you could buy two iMacs, and just use one as a second display.