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"I'm waiting for a $1,500 Mac Pro."
The CPU's alone cost about that.
A Xeon X3210 only costs about $700, so Apple could create a lower-priced single-socket Mac Pro.
Who for? The iMac is the consumer grade desktop, and the Mac Pro is for people who need and can afford a Mac Pro. Apple do not need to increase their support costs across the board by adding a new model, for people who can't really afford what a Mac Pro is designed for, very high end work. An iMac will run Photoshop great, and if you seriously, actually need a Mac Pro for running something, you're either in a business that can pay for it, or you're a creative individual who could afford one pretty easily.