HA, I knew this thread would pop up eventually.
2.4-3.2GHz dual core and possible quadcore Penryn (Montevina-clock on nVidia board) processors with a 1066MHz FSB
The CPU section will probably have to be significantly expanded.
Mobile CPUs (dual-core): 2.4 GHz to 3.2/3.33 GHz, 1067 MHz FSB
The "base" possibility
The 3.07 GHz CPU was an overclocked version of the then current Penryn, for Apple. Therefore, it's 10 W hotter than the current 3.07 GHz CPU. Reasoning from that, it may be possible for Intel to deliver one or two speed bumps from the 3.07 GHz, for a 3.2/3.33 GHz 55 W CPU in the iMac.
Mobile CPUs (quad-core): 2.0 GHz, 2.27 GHz, 2.53 GHz, 1067 MHz FSB
These CPUs max out at 45 W, so Intel may be able to deliver a 55 W version at 2.67 (or so) GHz for the iMac, or a cheaper one (than the 2.0 GHz) for 55 W.
Desktop CPUs (dual-core): 2.53~2.93 GHz (1067 MHz FSB), 2.67~3.5 GHz (1333 MHz FSB)
I only put this here because they are 65 W, just like the quad-core desktop CPUs below.
Desktop CPUs (quad-core): 2.33 GHz, 2.67 GHz, 2.83 GHz, 1333 MHz FSB
These CPUs are the energy-efficient ones released recently. They are 65 W as opposed to the 95 W of most other quads. Rumors claimed that they would find their way into upcoming iMacs. They are quite cheap compared to high-end desktop CPUs, so price-wise, it is possible that they will go in the entire iMac lineup. However, it may be that the 20" iMac may be too small to effectively handle the 65 W TDP of these CPUs, so they might have to stay mobile dual-core. If that happens, then the gap between the 20" and 24" iMacs would increase. Intel may release a 3.0 GHz version for Apple that costs significantly more than the 2.83 GHz. That would basically remove the loss in GHz from the current dual-cores.
320GB in the basemodel up to a 1TB in the high end
That sounds like a big leap to me. Did HDD prices go through the floor recently?
nVidia graphics with the most plausible ones being; 9400GT for the base, a 9600 256mb GT, a 9600 512mb GT and a higher end model which is still undecided
I think the iMacs have stayed a bit behind the MacBook Pros in terms of VRAM for the past few years. So maybe we will not see a 512 MB 9600M GT.
Apple may also put desktop GPUs in the iMac if it's possible (I heard that the notebooks use a mobile variant of a desktop chipset). If we go by the 24" white iMac that did this, we may see low-end GPUs with a midrange BTO.
FireWire: Removing it entirely seems to be really likely, but removing the 400 for an (extra) 800 isn't that unlikely, since the Mac mini is their base desktop. I don't think this will happen, but it's worth mentioning.
They might get rid of the Firewire 400 in the 20" model only. This relates to my earlier statement about CPU core counts and my speculation that the 20" and 24" iMacs may diverge.