That may have been true for you, but it may not be true for everyone. I respectfully disagreed with your assessment because you hadn't provided any evidence (just because a similar series of hardware had issues doesn't prove anything). At the same time, I also believe it's entirely possible your scenario may be different, because computers are complicated. Please consider that possibility.
Coincidentally, tonight, I decided to get off my butt, put my money where my mouth is and Bootcamp Windows 8.1 Pro with my MSDN access on the troubled iMac. It's running just fine. On the exact same machine. I have the FurMark gpu stress test running in the background. There's no way Yosemite is putting a greater load on the video card than that is. But just to be sure, I plan to leave it on overnight.
Meanwhile, the glitching under OSX is still rampant. It can be the typical square glitches to a total failure to paint any apps properly (the dock sometimes turns into a giant unpainted rectangle for example).
Anyway, for anyone else that's interested, I'll update if Windows survives the night. If it doesn't, then I'll really believe it's hardware. If it does, I may or may not revert to Mavericks to really test the software hypothesis, but it's going to look pretty bad at that point.
Regardless, I'm planning to take it in to an Apple Store on Monday. I'm not sure how they'll reconcile the fact that Windows is running just fine on the same machine (unless proven otherwise between now and then), but I plan to boot into both OSes right before their eyes. Though I suspect they'll just shrug their shoulders and push for a hardware replacement anyway.