it really depends on what you plan on gaming.
if you always want to play the latest high-end games: don't.
the HD4850 is decent, it will run most current games fine (if you don't plan on playing them on the native resolution. full HD (1920*1080) has to be enough), but the HD4850 is actually outdated now (most new graphic cards come with 1024MB or more) and that won't change.
like I said: it's not a bad card, but if you want to play high-end games in 3 years that just will not work. also consider that on an imac you can't just put it a better one like on a PC, so you have to use the card that comes with it. if anything you should go for the HD5750, but you only get that one in the most expensive imac, which is ... well, pretty expensive. the HD5750 is still not the newest card on the market (apple tends to rather use cards that produce less heat and use less power than go for the newest high-end cards) but it still outperforms the HD4850
in the end, the HD4850 can do fine, but you shouldn't expect too much from it, especially in a couple of years. but I guess the same goes for the HD5750, but it will hold out longer I guess