Ok, so it's been determined, apparently, that you think the Dell is a better value if it has some similar specs and is technically cheaper up front. The main difference between Macs and PCs is the operating system and its software. That's it. Apple uses almost the same lot of components that many other manufacturers purchase themselves. No doubt that there will be "conflicting" prices in the eyes of some people, such as yourself. That said, Apple has quite the ability and flair to design incredible machines such as the new iMacs or MacBooks. Other, high-end PCs might offer the same C2D or i5/i7 processors, but you have to take everything else into account as well.
Why would you want a smaller hard drive? The fact that the standard size is now 1TB on all of the models, save the lowest-tier iMac, is a great improvement when compared to its predecessors, as Peter says. And yet even that iMac has a 3.06Ghz C2D chip. That's quite impressive. 4GB RAM standard across the board... And technically, with a starting price of $1200, you're getting quite a lot, with plenty of room to upgrade memory and hard drive capacities if you choose to. There's plenty of bang for the buck, but you would rather them cut the price by a small margin just to save a few dollars? In the long run, I don't think it would matter so much. After all, having built-in iSight, FireWire, amongst other capabilities, is extremely convenient for most people. Easy chatting online, fast and reliable data transfers from cameras and hard drives... etc. Must I go on?
But wait a minute. Earlier you were complaining about the graphics on the lower-end Macs, right? Well, only the base 21.5-inch iMac lacks a dedicated graphics card. With 4GB of RAM (and a max of 8GB for that particular model), there's more than plenty enough memory available for the shared graphics. The others possess the same NVIDIA chipset with true cards. There is so much power for OS X to use with these new hardware arrangements, and I am sure that it does use it all. Can Windows dig into the hardware as far as Apple's system?
Those are but a few of the many benefits of a Mac. No, they're not perfect, but the whole package is simply a good deal. If many of these capabilities and options that you feel are unnecessary or pointless add too much to the cost, then don't get one. If you don't want it, don't buy it. You should understand that the fact that the items you mentioned are included with the Mac, and not added at the customer's expense. The value lies in the mind of the beholder, so to speak. I'm not going to tell you which is better for the money because it really just depends on what you want your computer to do. It's your call. Hope you make a decision that you're comfortable with.
-BMF
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