The bad part is that the device will cost $US150, and you still need separate Mini DisplayPort and HDMI cables (it's just a block). But it does support HDMI 1.3, DisplayPort/Mini DIsplayPort 1.1a, 1920x1200 resolution (that's enough for 1080p) but only two-channel audio. It's not a bad solution for using the iMac as a display when that's all you have - like if you were a student and had no space for a separate TV. You can use it for the other recent Apple displays that take MDP as well. It'll be available some time in April-ish. [Kanex]
Kanex HDMI To Mini DisplayPort Adaptor Box For The 27-inch iMac
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