Gizmodo seem to think so:

The $2,500 Mac Pro, desperately in need of a refresh, gives you a 2.66GHz Quad-Core Xeon (essentially an i7), 3GB of RAM (triple channel, but seriously?), 640GB hard drive (again, seriously?) and a nominal graphics card. Spend $800 more and you’ll get a another processor and 3GB more RAM.

The $2200, 27-inch iMac obviously includes a screen, plus you get a 2.8GHz Quad-Core (i7), 1TB drive, 4GB of RAM and a nominal graphics card.

Gizmodo does have a good point. Apple does make some models for people with more money than sense. Who said the don’t cater to all markets!?!?