The 27-inch iMac can be used as a simple external monitor. Now with Belkin’s AV360 adapter you can connect a XBox, a Blu-ray player or any other video source with an HDMI connection. The AV360 is HDCP-compliant and handles audio in addition to video using via HDMI. Unfortunately 1080p video sources will be downgraded to 720p. Hopefully there will be a firmware or hardware upgrade in the near future so 1080p video will stay 1080p. Making the beautiful 27-inch IPS LCD on the iMac the main display of your multimedia universe sounds good to me, but it’ll cost you: the AV360 is $150 with a lifetime warranty and comes with a 4-ft Mini-DisplayPort to Mini-DisplayPort cable and a 4-ft USB cable. More info at Belkin.