What? Your going to get a Mac in four years?
^^ Seconded.
If the money is not an issue, then dedicated graphics card and bigger HD is definitely, well, better.You'll see much more difference than a ~270Mhz improvement.
I've just had that dilemma and opted for the 3.06GHz with the Radeon 4670. It seems like quite a lot of extra money to pay, but I want my iMac to last at least 4 years. I couldn't see the 9400M model coping with the visual demands of the future. Plus you get a nicely useful 1TB HD. Cost me an extra £250 but I think on balance it's worth it, to me.
Do not think it just as a 270Mhz improvement. The improvement is not analog and don't forget that 3,33 has 6mb second level cache and works on 1333mhz, while 3,03 has the only the half (3mb) and a FSB of 1066 (intel chips E8600 and E7600)
http://www.intel.com/products/processor/core2duo/specifications.htm?iid=prod_core2duo+tab_spec
IMO the 9400M has no place being in an iMac.
I think it depends if you're going to game in bootcamp