Still good value, but not as good
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A little over a year ago, my family bought an eMac as our primary computer. It's seen a lot of use, more than any other computer I think I've ever owned. While it's a tad noisy (the fan isn't too quiet, and it's right there behind the screen in front of your face), and the old-school CRT runs warm (something particularly noticeable on hot summer days), it remains a very capable machine.
The latest eMac update changes very little—in comparison to ours, the newest models have only a slightly faster processor and a more skookum DVD recorder. While the newer Mac mini is much smaller and sexier, and can be set up to be a bit cheaper with a screen, the eMac is still more powerful and includes everything you need (keyboard, mouse, display), so it's worth looking at.
Plus it harks back to the "giant molar" design of the Power Mac G3 All-in-One of seven years ago.