I've just installed Ubuntu 11.04 (64 bit) on the latest iMac 27' (12,2 - May 2011) and thought I'd let other interested people know that I didn't encounter any issues.
The only thing I had to do was to add "options snd-hda-intel model=mbp55" and turn up the front speakers via "alsamixer" to get better sound quality although sound did work out of the box (was just bit tinny).Sound works out of the box. I only had to turn the volume up on the "front speaker" and un-mute the "surround speaker".
Plugging in a headset unfortunately doesn't mute the internal speakers.
The Radeon open source divers and ati drivers both work.
The wifi works out of the box (ath9k).
The webcam works out of the box.
Suspend/resume works out of the box (only tested using the open source Radeon driver).
I've installed a OCZ Vertex 3 (Sata III - 6gbps) drive and am getting read speeds of ~460 MB/s so Sata III is working.
To still test:
* mic via headset
Here's my iMac specs:
* cpu: i5 2500S (2.7ghz)
* grx: ati radeon hd 6700m 512m
* audio: hda intel - cirrus (00:1b.0)
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