I always love to hear BS like this from Windows hobbyists, even when all evidence points to the opposite direction.
Just a fact: TODAY, the iMac's top GPU (6970M) is the world's best mobile GPU (along with the NVIDIA GTX 485M). In other words, Apple went for the maximum possible in terms of mobile GPUs, especially considering that they will never include desktop GPU furnaces with those thin enclosures.
Obviously, playing at slightly lower resolutions helps if you want to play at ultra settings (not a big deal for full-screen games anyway) - but even at the iMac's native resolution, the 6970M with 2Gb should allow for very good performance all around.
In this regard, the i7 has little influence performance-wise...the Turbo Boost/HT feature is useful for heavy encoding tasks and the like, not gaming. Check this to have an idea:
http://www.barefeats.com/imac11b.html