oooooooh bugger, i think i know whats happened...
First, a dead clock battery is not going to stop your iMac from starting up. My clock battery is flat and all that means is that when ever you unplug your computer from the mains for any reasonable amount of time, the next time you startup your clock is set to something like midnight, jan 1973 ish. This is confusing for a while untill you figure it out. (sorry adambyte for rubbishing your theory, although it sounds better than mine)
From my experence you problem is way bigger...
about 2 months after i got my iMac (iMac 400DV Slot Loading) it died. There was no warning, nothing. Here are the symtoms: Push the power button on the front, it lights up. No startup chime, no speaker clicking noises, no harddrive activity, i can't remember if the screen powered up or not.
I took it back and they said it had a dead motherboard. Luckly it was under warranty and it was replaced for free. They kept hold of the old motherboard for testing and the such and i havent had a problem since.
I have no idea how much this would cost out of warranty but my guess is that its going to be expensive. Sorry for being such a pesimist but i think you got touble.
Before you going spending copious amouts of money try this:
unplug every thing - printer keyboard, mouse, firewire, usb. So the power cable is the only thing connected to anything, try starting up, if it starts up something external is causing trouble. If not...
what does the Cuda switch do? it it like zapping the PRAM?