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Teardown of New iMac Reveals Upgradable Processors, RAM (macrumors.com)
According to an iFixit teardown, Apple's new 4K 21.5-inch iMac has both removable RAM and a Kaby Lake processor that's not soldered onto the logic board. Whereas the previous models had soldered memory modules, the new iMac's memory sit in two removable SO-DIMM slots. MacRumors reports: iFixit made the discovery by disassembling Apple's $1,299 mid-range 3.0GHz stock option, which includes 8GB of 2400MHz DDR4 memory, a Radeon Pro 555 graphics card with 2GB of VRAM, and a 1TB 5400-RPM hard drive. After slicing through the adhesive that secures the 4K display to the iMac's housing and removing the power supply, hard drive, and fan, iFixit discovered that the memory modules aren't soldered onto the logic board like previous models, but instead sit in two removable SO-DIMM slots. Similarly, after detaching the heatsink and removing the warranty voiding stickers on the backside of the logic board, iFixit found that the Intel SR32W Core i5-7400 Kaby Lake processor sits in a standard LGA 1151 CPU socket, making it possible to replace or upgrade the CPU without a reflow station.
So the RAM/CPU are socketed and theoretically replaceable/upgradeable, but doing so requires CUTTING THE MONITOR AWAY. Great improvement there Apple. I remember when you could upgrade the RAM on an iMac by opening a plastic panel, with no tools or consumables required. On the LC575 (an all-in-one from the mid '90s) the back panel popped off for you to install/upgrade RAM, PDS and comm slot cards, and the internal SCSI hard disk was on a sled that just slid out.