New iMac G5 Announced [Updated x2]

Shown as 'one more thing' by Phil Schiller at the Apple Expo Paris keynote speech, the iMac G5 debuted to enthusiastic crowds. Taking the form of one of the recently introduced aluminum displays, the iMac is now the thinnest desktop personal computer on the market at only 2" thick. Featuring a 1.6 or 1.8 GHz G5 processor, NVidia 5200 graphics processor, and a choice of 17" or 20" displays, the iMac is redesigned with the all-in-one ease of use of the original iMac with the horsepower and capability of a modern-day machine.

[Update] A stream of Phil Schiller's keynote speech is now available.
The new machine will be available for purchase mid-September in three standard configurations:

1.6 GHz 17" model
$1299
17-inch widescreen LCD
1.6GHz PowerPC G5
512K L2 cache
533MHz frontside bus
256MB DDR400 SDRAM
NVIDIA GeForce FX 5200 Ultra
64MB DDR video memory
80GB Serial ATA hard drive
Slot-load Combo Drive

1.8 GHz 17" model
$1499
17-inch widescreen LCD
1.8GHz PowerPC G5
512K L2 cache
600MHz frontside bus
256MB DDR400 SDRAM
NVIDIA GeForce FX 5200 Ultra
64MB DDR video memory
80GB Serial ATA hard drive
Slot-load SuperDrive

1.8 GHz 20" model
$1899
20-inch widescreen LCD
1.8GHz PowerPC G5
512K L2 cache
600MHz frontside bus
256MB DDR400 SDRAM
NVIDIA GeForce FX 5200 Ultra
64MB DDR video memory
160GB Serial ATA hard drive
Slot-load SuperDrive

[Update] According to MacRumors regular DavemanDeluxe, the iMac G5 is also being offered to Eductional Institution customers with a 40 GB Hard Drive, GeForce 32 MB graphics card and without the optical drive, and with a price tag of $1099, as was previously rumored. Other than the video card and the missing optical drive, the machine is identical to the low-end 1.6 Ghz 17" iMac G5.