The 20-inch iMac now starts at $1,199 US, $300 less than the previous 20-inch model. The 24-inch iMac starts at $1,799, $200 less than the previous 24-inch model.

This new iMac is the most incredible desktop computer we’ve ever made, Our new design features the innovative use of materials, including professional-grade aluminum and glass, that are highly recyclable.

Steve Jobs Tuesday at Apple’s Cupertino headquarters.

The new iMac features up to 2.8 GHz Core 2 Duo processor, up to 4GB of memory, ATI Radeon HD graphics card, and up to 1TB of hard drive space.

The new iMac models are available today.

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