Yes, it is noticeable, although I think the really bad iMac displays we were seeing a while back were worse than this.
Digging around in the thread, here is a post that compares the iMac 27" and the U2711 side by side.
http://hardforum.com/showpost.php?p=1035408282&postcount=544
One quote all you folks on here will enjoy: "Out of the box the imac 27'' has the edge in every way but fiddling with things I think I could mirror the imac display easily with the right settings. They appear to be the same panel. Both panels need some tweaking."
The thing that will stop me getting the U2711 is the anti-glare coating that it uses. This is getting a lot of flak in various forums. On white displays you will see a sparkly effect. Obviously this is a trade off against the glare of a glossy screen, but I'd rather control the lighting and not deal with the AG effect.