I also own a white 24" 2.16GHz iMac, which 8 month ago has started to produce the NVDS OpenGL Channel Exception error messages and the screen gets buggy, even the OS frozen. Tried everything, but not yet the VGA board replacement since it would cost half of the price buying another used one. Dismounted and blowed with air duster, etc, nothing helped but was thinking about what it VGA card overheats because under lower load the problem not always materialized.
*Got the idea:* is there a FAN control application available? Found the FREE ⚠ Fan Control application (
http://www.lobotomo.com/products/FanControl) which is a pane in system preferences and shown that CPU Fan (which cools the VGA too!) rotates only 1200rpm. Guess what! I have set it to rotate at a minimum of 2500rpm and since then the logs are clear, no freezing, no buggy screen, etc, even after editing the 100th RAW picture in Aperture 3 (which was my OSX killer app prior...) 🙂
I am testing this method since 2 days, leaving lots of full-flash web pages open for all night and *the system is stable*.
I am happy now (I have used thic computer for a year prior the error ruined my iMac usage), give it a try if really overheating was the cause of the error...