Price-wise, if they are iMac G4s (LCD displays) then they will be expensive, whereas iMac G3s (CRT displays) are cheap these days (and the earlier models are sometimes free). I would probably avoid iMac G3s though, as discussion here gives the impression that they tend to die young. A tower is of course much easier to repair and upgrade, while a tower of the same age is often both cheaper and more powerful than an iMac.
Even the G3s offer great performance, despite being old - my G3 feels so fast even with Tiger, that's one reason why I love it
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