Actually transistor and two resistors to pull line low mean to convert PS_ON# to PFW work to make the iMac shutdown, restart, and power on as normal.
In my circuit, I used a NPN transistor, a 1k resistor and a 2.2k.
Works perfectly.
Why is any of this necessary?
Well, to be perfectly honest, it isn't- you just lose the ability to shutdown. Without these circuits, either mine or the one you hosted, what happens is that the iMac will restart instead of shutting down.
The reason for this is that when you shut the iMac down, if the rate of decay is too quick, it perceives this as a power failure, and reboots. PFW- power failure warning. The transistor and resistors smooth out that decay so that it shuts down normally.