My 2nd generation iMac G5 fell victim to the capacitor problem twice within this year (mine is just shy of 3 years old). If yours is a 1st gen, then for sure you should be covered. Mine is a second gen and I proved to them that it wasn't only the first generation models that were affected. As a matter of fact, the iMac G5 section of Macintouch has listed many people with all three generations of the iMac G5 plagued with the capacitor problems. Apple will replace the logic board and the PSU (as usually both parts are affected by this problem) at no charge so long as the iMac G5 is within the three years of its purchase (regardless of which warranty you have). Contact Apple and let them know your problem.
• Apple iMac G5 17" (2 GHz G5) - Mac OS X 10.5.8/Ubuntu 10.04
• Asus Eee PC 901 (1.6 GHz Atom N270) - Fedora 13
• Apple Macintosh Quadra 650 (33 MHz MC68040) - Mac OS 8.1
• "JHVH-1" (2 GHz AMD Athlon XP 2400+) - Slackware 13.1