I'm not sure if I'm having the same success, but here's the latest on my 2010 27" iMac.
Apple first told me that they would replace the graphics card. After more extensive testing, they determined that it was more likely the logic board. I was comfortable taking the risk on a $250 graphics card, especially because they promised to take care of me if that wasn't the real problem. When they called back to say that they wanted to replace the logic board for $600 - and I still might need to replace the graphics card - I decided to decline the repair.
I bought a new iMac, because my wife and I were tired of dealing with the issues with the 2010 machine.
For the past week, I've had both the new and old iMacs running. The 2010 iMac seems to be working fine now. No graphic distortion or shut downs.
We are going to exclusively use the old iMac for the next couple days. If we don't have any problems, I'm taking the new iMac back to Apple for a refund.
Have we had any software updates that would have resolved this issue in the past 2-3 weeks?