I've been somewhat mystified by the iMac-bashing. While it might not be perfect, I'm thrilled with the colors and other improvements. It restores a sense of life and vibrancy to Apple's computers. I'd go so far as to say that it is the best iMac they've had in at least a decade.
Some people have complained about value, especially compared to the Mac Mini, the 'baseline' desktop computer. I did a brief bit of research on that.
Assuming the baseline Mac Mini (256GB) and the equivalent iMac (256GB + ports), here's the marketed differences, as best as I can tell:
1) The iMac has a built-in 24-inch "Retina" display, and supports an extra external 6K display, apparently via Thunderbolt. The Mac Mini supports two external displays, one 6K with a Thunderbolt connector, and one 4K via HDMI.
2) The iMac has a HD camera, 1080p.
3) The iMac has a three-mic array, which they claim is 'studio-quality'.
4) The iMac has a 'six-speaker' sound system. To be fair, the Mac Mini page doesn't say that it
doesn't have one, but in the absence of further information, it seems reasonable to assume that the iMac's is significantly better.
5) The iMac purchase includes a (color-matching) mouse and keyboard, as well as a power adapter and USB-C to Lightning cable.
6) The iMac has two USB 3.1 ports (type C); the Mac Mini has two type-As.
7) The Mac Mini can have 10GB Ethernet as a configuration option; this doesn't seem to be available for the iMac.
Obviously part of the appeal of the Mac Mini is that you can use your own hardware with it. However, if you're buying things straight from Apple, here's what a Mac Mini setup similar to the iMac would be:
1 Mac Mini - $699.00
1 Magic Mouse 2 (Silver) - $79
1 Innovelis TotalMount Mounting System for Mac Mini (because you don't want it to just sit on the desk) - $34.95
1 LG UltraFine 4K Display - $699.95
1 Magic Keyboard - $99.00
For a total of $1,611.90 (not counting tax)
In this light, the 2nd-level iMac's $1,499 doesn't seem unsatisfactory.
The LG monitor does add several USB ports, and it also includes speakers, mitigating one of the iMac's advantages (assuming the LG monitor's speakers are as good). However, that still leaves you out a camera and a microphone, and considering that I can buy a USB hub with umpteen ports if the included ones aren't sufficient, I think how bad the port situation is said to be is a bit overstated. While I'm not at all happy with Apple's decision to cripple the low-end iMac
(or, for that matter, the entire notion of 'low-end' models which are permanently worse), the mid-range situation of two USB 4 + two USB 3.1 ports seems reasonable.
If you're buying all-new stuff, and you strongly prefer to buy things made by Apple or their close partners, the new iMac seems to be a pretty good value to me, especially if you like colors

. It isn't a hyper-powerful machine that blows away Apple's other computers, but that goes back to the line's roots; the original iMac was the 'low-cost' model in the '98 lineup. I suspect this is mostly a case of user expectations (users who like grey and already have all their own equipment, at that) being different from Apple's objectives.