Well, the main difference is the native resolution.
The 23-inch display, while physically smaller, has higher resolution (2048x1152). So you will be able to display more, but everything will be noticeably smaller.
The 24-inch display, has lower resolution (1920x1080). So if you want things to appear a bit larger on the screen (less eye strain), it may be the better choice. Fewer pixels spread over a larger area.
Those Dell displays use HDTV screen aspect ratio (16:9). This is +wider screen+ than Apple's displays. For example, Apple's 24-inch display resolution is 1920x1200 native. It has the same number of pixels left to right as the 24-inch Dell, but it has MORE pixels up and down.
So these Dell displays are not +as tall+ as typical +wide screen+ computer displays; they are better suited for use as HDTV screens. Vertical screen space is important for using a display with a computer, especially when you have things like the menu bar, Dock, and window title bar taking up part of that vertical space more or less permanently. I use an old-school 1600x1200 (4:3)
non-wide display as my main display because I value the vertical space. Something to consider for either of these Dell displays.
ONE MORE THING: According to the specifications for you iMac
http://support.apple.com/kb/SP16
the max screen resolution for the external display is 1920x1200 (for a display connected over DVI). One of the "2048x1152" numbers for the 23-inch display exceeds the specs (although the other number being lower may make up for it). You should contact OWC to confirm it will work as a second display on an iMac.