Ok, I said I'd do some power consumption tests, so here they are if anybody cares.
My two test units were a 17" iMac 1.83GHz Core Duo and a recent-model P4-based Lenovo (IBM) ThinkCentre tower--not a top of the line box, just the sort of decent-but-inexpensive thing you're going to see in an office environment (were my workplace to replace it, for example, it would be with an iMac). The ThinkCentre is a decent machine, and has variable-speed fans like the iMac--they're very quiet unless the computer is under load, but get a pretty good grind going when necessary. Performance-wise, the iMac is drastically faster than the ThinkCentre thanks to the Core Duo, but that's not the question.
The ThinkCentre runs about 70W at idle, 130W under heavy load. A similar monitor to the one built into the iMac adds about 25-30W to that, depending on the specific one (this is based on an estimate from several different ViewSonic LCDs we have). So you're looking at, roughly speaking, 100W idle and 150W at load.
The iMac, in contrast, draws 47W when idle, and 63W with both cores maxed.
So for roughly equivalent machines in this particular case (actually, not--the iMac is DRASTICALLY faster--but equivalent in terms of "lower-end office fodder"), you're looking at a savings of about 50W at idle, and 90W under heavy load. Go for the midpoint of those two numbers, and you're looking at the 75W savings I estimated.
It's not going to do wonders for your electric bill (if you pay what I do, you're looking at about $15 per box per year), but double the heat in a small office is very significant--remember that a human worker puts out about 50W of heat, so it's like having an extra person or two standing in the room all the time. Multiply by 8 and you've got to dump between 400W and 800W of continuous heat. Depending on the size of the office, air flow, and your air conditioning unit, that could be nothing or a major comfort hit.
Now, this doesn't scale exactly to the 20" iMacs--the monitor should be about equivalent for a size increase, but the 2.0GHz Core Duo might not be as power-thrifty. But it gives you a general idea, anyway.