Which Imac To Get? Options

[Soundhound]

I'm setting up a composing/recording setup for home. It;ll be built around Digital Performer or the new Logic when it comes out, and I'll be using a lot of virtual instruments. I can get a good deal on slightly used core duo 2.16 imacs now ($1k for a 20" or $1300 for a 24") or I'm wondering if I should wait for the new generation that will be out in a few months.

Can the current ones give me the horsepower I need, or should I wait? Thoughts? Thanks all!
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[Forgot2Panic]

Thanks tweed for your detailed response and macdaddy for your succient one.

I'm certainly looking to get some basic gear with the imac, including an external drive (I'll be looking into Glyphs) and a midi controller. I already have Reason 4 and have decided to check out Logic after hearing less than stellar comments about Cubase running on mac.

It'll still be a while before I make the purchase and I plan on doing a good deal more research beforehand. I definitely want the best system I can afford, but I don't want to pay a big chunk of money more for power I don't need or won't show a significant improvement in performance.

I'm sure I'll be asking more questions before I make the move to mac. Thanks again.