Eat your heart out, Asus. Dell has jumped head-first into the affordable all-in-one PC market with the Studio One 19, a $699 desktop that packs a full-blown dual-core processor and Nvidia integrated graphics.
More specifically, the base Studio One 19 config features an integrated 18.5" 1366x768 display (with optional touch-screen capabilities), an Intel Pentium E5200 processor, a GeForce 9200 integrated graphics chipset, 2GB of dual-channel RAM, a 320GB hard drive, a slot-loading DVD burner, and a copy of Windows Vista Home Basic. All for $699. An upgrade to Vista Home Premium will set you back an extra $30.
That still compares favorably with the Asus Eee Top ET1602, which costs $100 less but has comparatively much more frugal specs—a 15.6" display, a single-core Atom N270, a gig of RAM, Intel GMA 950 graphics, and Windows XP. The Asus system does come with Wi-Fi by default, though, whereas that's a $20 extra on the Dell.
The Studio One 19 doesn't look half bad from an aesthetic standpoint, either. Check out this promotional video (which might conjure up flashbacks of Apple's original iMac ads):
You can order the Studio One 19 today, but Dell quotes a "preliminary ship date" of May 19. If the default core components aren't good enough for your tastes, you can also buy the system with a quad-core processor, 4GB of RAM, Blu-ray, and a 750GB hard drive. (Thanks to Engadget for the link.)