Niterider I disagree slightly.
Yes it's expensive, but when you compare spec for spec, Apple does charge quite a bit. The products are generally usable and you don't waste time with stuff that doesn't work. Instead you can use your time to simply use the product.
There isn't much difference between laptop/desktop architecture anymore. Yes, performance is better with a big huge desktop, but what do you need the performance for? Keep in mind with the iMac you're getting a 27" IPS screen. After the computer is useless, I believe the screen is still usable via the thunderbolt port (but only with thunderbolt enabled devices, which right now are mostly apple laptops but that might change in the near future). In any case, a 27" IPS (unless you buy some no-name brand on eBay) is going to run your $700+, so factor that into the specs. It is NOT the same as the $199 27" specials you see all the time.
As for the hackintosh, don't do it. I built one and it works ... mostly. Sometimes something doesn't work, then you have to go through the forums and figured out what went wrong. It's a fun project and I enjoyed doing it, but for a PC that's going to be used daily that I need to rely on, it simply doesn't cut it.
My only suggestion is that if you don't need super-performance, buy a Mac-Mini instead, and a cheapo monitor for now (unless you have a monitor, if you do, use that). When Apple releases a new Thunderbolt Display (27" IPS based on the NEW iMac monitor) either grab that or another high quality 27" IPS or PLS Monitor (Samsung, Asus, Dell Ultrasharp, etc.) They're all going to be pricey. That way you're separating the computer from the monitor, and can upgrade the PC every few years and keep the monitor. The biggest drawback with the iMac is that it's difficult to upgrade yourself, and the PC side of the tech will likely get outdated well before the monitor. Separate the two, and you can replace the PC every few years.
Honestly, I have little experience with hackintosh builds. All of my computers are either on windows 7, windows 8, ubuntu or running a virtual machine of a different linux distribution. I have heard running a hackintosh is a hit and a miss for stability sake so I can understand the desire not to go down that route.
While the iMac has an IPS screen, I often find that the graphics cards that are in the iMac just dont cut it for QWHD resolution, especially if you get into CAD or 3D rendering. Just a preference, I am not the biggest fan of the glossy screens either. I prefer the anti-glare screens in the Dell Ultrasharps.
Probably the most important part of a custom build for me is just simply convenience. I have a sound card, multiple graphics cards, efficient power supply, blue-ray, cooling like crazy, 16gb samsung ram (overclocked), multiple solid states, multiple hard drives in RAID arrays, a processor with 4 real and 4 virtual cores stable at 4.5ghz idling at 36 degrees Celsius, and a motherboard that can allow for lots of further expansion. I just cant get that in an iMac and if I could, it would cost over $3000 at least. I built this computer for less than 900. Unfortunately, I am one who does need super performance and most of the software I run is best on a windows platform (emulating doesnt work very well for these programs).
Plus if i need to upgrade, I can just pop the door of the case off...
Do most people need a QWHD screen, i7 processing power, over 8 gb ram, 3tb and a ssd os boot drive? Not many, but for those who need or want it, get ready to top off that credit card limit.