pie, you are exactly right. i took apart an imac 2011 and found that there is indeed a hardware switch, which you can bypass using a bit of soldering. but the question is of impedence. the new macs were designed to keep the integrity of the sound card alive, as well as the amplifier that powers the internal speakers, which is the same as the amplifier that powers the headphones, only when the headphones are plugged in, it amplifies at a much lower level.
Technical explanation:
the new macbooks and imacs were made that the same amplifier powers both. it is built with a hardware switch which prevents both from running at the same time because when you have vastly different impedences (the impedence of the built-in speakers and the impedence of the earphones), and they both run at the same time, you risk burning out the amplifier. yes, there are software controls involved in the sound card that can switch from one to the other, but the hardware switch prevents you from using both. when i bypassed the switch and put headphones in as well as running the external speakers, the amplifier had a slightly higher temperature, not really causing any harm, but if the wrong speakers or headphones with too little or too much impedence were plugged in the headphone port, and this overloading is done over extended periods of time, can shorten the lifespan of the amplifier, which probably didn't sit too well with apple's quality control.
This is why you might be fooled by the software control in the system by thinking you can run both at once, and that they advertise separate feeds, but trust me. it's just one sound card with one amplifier that runs both the internal speakers and the headphones. That's why you need a separate sound card to run both simultaneously.