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If there is an update without Sandy Bridge this year, I doubt Apple will update iMac again within couple months. The availability won't be that great in the beginning though so I'm guessing early 2011 for SB update
 
Wont happen, The chip is WAY too big to fit in a iMac. Keep dreaming, that large chip requires a new Mac Pro tower design to fit it. Thing is like 8 inches wide.

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