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I also want to add, as long as the machines are the same arch (Intel or PPC) I could make a clone of the HD in my Mac Mini and boot that clone via firewire on my MacBook. An iMac setup will boot a PowerMac since OS X has support for all of Apple's hardware. (Just make sure you have your OS updated to the latest point release.)
You could boot the new machine in target disk mode, clone your entire setup over to it via firewire and be good to go without even using an external drive if I understand everything correctly.
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