Try running the iMac wired - ie. ethernet connection to the router. Are you still getting a lower speed / poor connections?
If not maybe it is because your iMac is near something which interferes with your wireless? Do you sit your mac on top of a mini burrito microwave, next to a cordless phone etc... All of these can make a difference.
Have you ever run any sort of broadband optimiser, maintenance application which claims to make you faster on broadband connections? These are often included in 'cleaning' programs, I do not think they are particularly good, and can permanently change your download speed.
Install OSX on to a spare firewire drive, boot from it - do you still have different speeds?
I recently got Virgin Media 50mb, and an old Powerbook I had only got 1MB/s (as opposed to 5MB/s on my MBP), after reinstall it could get 2.3MB/s (this is about 25mbs on SpeedTest) - and this is the fastest it can go - I think because of it's 1GHZ G4 processor.
Lastly you could install DD-WRT firmware on your router - virgin gave me a d-link dir 615 which works well with it. This won't really directly help you, but it does make your router much more flexible, give you proper logging, and the ability to prioritise machines and types of network traffic (QOS).