I'm right there with you when it comes to function over form. It's just that Apple has deliberately made these decisions (partially in the name of design) and I wonder whether the iMac could have been better. True, the chin means that most of the heat-producing components were stowed away at the bottom of the display.
I am, however, curious as to why you would spend a fortune on an iMac when a Macbook or Windows notebook with a high-res monitor could give you the portability that a professional (usually) needs.