I'm having the same issue. Same iMac. It has graphics problems and freezes/reboots once a week. Sometimes twice a week.
I am running the latest 10.10.1 and will not believe anything about reboots or fresh installs.
Seriously. Since when did OS X become Windows 98?
This is really sad because the issues are making me wish I never upgraded to Yosemite and have even caused me to think about switching to Windows. (ick). It's definitely caused me to question the future of Apple 😟
This seems to be commonplace though. I can't run the Xbox One in normal mode (always on) without it having to be hard rebooted (holding power for 4 seconds) every day or so.
I don't know if it's the rush to get stuff out the door but Apple you really need to refocus on quality.
I don't foresee this getting fixed in the near future. We've seen the first update of Yosemite, and a major update to iOS 8, and all the annoying issues I have still persist unchanged. And they're like complete deal breakers. like they stop you from doing ANYTHING and you have to force close the app or there really is no workaround (iOS8) or the system freezes, crashes or reboots itself. (Yosemite)
The other thing I've noticed is that it will spontaneously just go black and then go back to the login screen, but it acts as if it rebooted.
Many of these issues don't happen to me on my Macbook Pro at work, although my computer at work just had a lovely issue. Trying to reboot and then it just sat there, opening any app quickly bringing up a "XX app cancelled shutdown. Try again?" and immediately disappeared with Try again being automatically clicked.. So I was unable to open up Terminal to force shutdown. All the apps seemed to close down but when I went to the force close window, I saw ALL MY APPS were still running. When I selected all of them and clicked Force Close only then did it reboot.
I really hope someone from Apple sees this thread and they fix it in the near future. I've never seen so many issues in a Mac OS. Ever. Weekly kernel panics are unheard of.