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Stock configurations of the latest gen iMac are now available within 24 hours, at last in North America, according to the shipping times listed at the Apple online store.
However, custom built-to-order options take longer. Also, as noted by "MacRumors" (www.macrumors.com) Apple's online stores in other countries still show some lag in availability. Australia is seeing quotes of 3-5 business days for all models while Europe is generally seeing 5-7 business days for 21.5-inch models and 1-2 weeks for 27-inch models.