Hello all,
I have also observed this exact problem in my 27" iMac. The first time it occurred was after running in Windows for a bit--the computer had gotten quite hot so I thought it may be a thermal issue. I noticed it almost immediately after rebooting into OS X at the gray Apple logo screen. I'm not exactly sure to what extent the EFI utilizes software/drivers for video support but if I had to guess I would assume this is a hardware issue, not OS or software-related specifically because it happens during bootup. I could be wrong, though. It eventually corrected itself after the computer had been sleeping, supporting my suspicion about temperature.
Despite my hypothesis, I am having trouble reliably reproducing it and, in fact, I have had it occur after the computer was powered off for 16 hours. My current thought is either it is not heat-related or it is related to abnormal operating temps, high or low. Maybe my iMac was too cold? Again, it corrected itself after I let it sleep at some point.
Unfortunately I have not placed a call into tier 1 support for this issue because it is so sporadic I haven't observed it during their business hours. Even if I do call they will certainly step me through the normal troubleshooting fix-alls and I am unlikely to observe the problem anyway. They'll be unable to confirm or repair and I'll be frustrated having spent 30 minutes rebooting, resetting, unplugging for them to tell me to call back when it happens.
On top of the video issue, it seems like the computer does not sleep properly unless I manually put it to sleep via the OS or keyboard keys. I can hear the hard drive spinning up and down intermittently all night if I don't manually put it to sleep.
Anyone else feeling a little disappointed? Even with these problems I can't help but love this beautiful machine...I just want it to work properly!