Interesting thought experiment: I wonder if the pandemic and the seeming continuation/permanence of folks working from home will lead to an uptick in iMac sales (and desktop computers at large). I understand this is about a 2020 iMac redesign (which wouldn't have time to be a reaction to the pandemic, but this is a fun path to go down so bare with me).
If I don't need to carry my MBP back and forth on the train to work each day then I can get a lot more bang from my buck in buying an iMac. Apple's got a lot more freedom in how they change the design when fitting into laptop sleeves isn't a consideration, making an iMac update a far more exciting prospect. Apple's designers would probably also LOVE having design and engineering problems besides ultra-thin keyboards and battery/thermal constraints.
If we assume that things won't quite go back to the old normal (who knows... people *do* have short memories), then the dynamics of what people want might have really changed here. Desktop computer with large screen, WAY more emphasis on video conferencing (built-in ring light? higher resolution FaceTime camera? Different placement for more natural eye contact?). I wonder what else would change.
If my kids are going to have workstations to home school in perpetuity (FAR less likely or widespread than adults working from home from now on, but still... what if) then I want a sort of school desk Peloton. Maybe easy switching between the FaceTime camera and the ShowTime camera (by your keyboard) so you can show and tell more than holding up to your face. Everything needs to be push-button appliance easy because despite Google Classroom and Zoom getting easier, it's not quite appliance level right now. I realize this more when I help my kids and mom with their videoconferences/retirement group chats/classes. The software isn't easy enough.
This is a great theory, I would have said that Apple had a back room with a variety of ideas for refreshes and redesigns ready to go so the C-level folks could pull the trigger on which one to go with depending on what they gauge to the the way ahead.
How this translates to the idea about an iMac being 'ready to go' for weeks - and the reason for its current non appearance - now is clearly open to debate. What if an imminent launch was canned as the COVID situation became clearer and Apple decided to go with a redesign model?
Your camera idea about the iMac could be as simple as using the FaceTime HD camera from the iMac Pro.
For the video conferencing angle Apple would probably allow software that would light up a portion of the screen - very easy - but let's see if they decide to make FaceID a thing for a real update.
That iMac Pro case might well just get repurposed for the regular Comet Lake iMac with FaceTime HD camera, 4 Thunderbolt ports, and a lack of accessible RAM.
RAM wouldn't necessarily be a problem for the short to medium term if Apple went with 16Gb minimum as far as I am concerned.
Obligatory UK iMac stock check: The stock iMac 21.5" has suddenly jumped to June 1 with BTO anywhere from May 26 to June 3 (slightly more availability for the top SKU), the 27" is June 6-13 (BTO June 18-25).
The US store still has plenty of 21.5" stock up to 3 days away while 27" iMacs are still on the scale of weeks away so things effectively are unchanged.
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I guess it depends on how Apple implements ARM support. Catalyst seems to be the modern version of Universal Binaries (so both ARM and x86) so that would be one way, though I think we'd also see an x86 emulation layer ("Rosetta") so those apps could be run natively on an ARM CPU (especially if Apple can quickly improve the overall performance by throwing more cores on the dies and improving each core's performance).
They will probably support Intel until the last Intel machine becomes vintage (5 years after last sold) and then for two more years after that with security patches. I'm not concerned as these machines last ages.