Good analogy! If you had purchased a new Toyota Prius, for example, and the next day there is a recall for a faulty brake assembly, they would replace the brakes, not give you a brand new car. The same goes for a faulty transmission. Alternatively, you can get your money back.
What happens when you return an iMac with a yellow-tinged display and get one back with no tinge or other display issues but it has a noisy or otherwise malfunctioning hard disk? Are you going to demand a full replacement again and risk getting another yellow tinged display? I think most people would just let them swap out the HD for a good one.
Of course noone WANTS to deal with problems on a brand new, expensive purchase.
Again, I say fix what's broke and enough with the "get-it-because-you-can" attitude.
This is a manufacturing fault which was present right from the beginning of the iMac's life, therefore the consumer should have the right to exercise their choice between replacement, refund or repair. For some a repair may be preferable, for others replacement is more convenient and for those who have lost faith then have a refund.
Reading your constant posts that we should all accept repairs rather than replacements one wonders wether SaSushi is just protecting the price of his Apple shares