The new iMac can have two drives installed, a 2TB hard drive and a solid state drive. I've not seen any hard numbers on this, but I expect that using the SSD as a boot and application drive, and the 2TB drive for photos, would speed things up considerably. Experiment with both drives for scratch.
I did do a test last year with my iMac, using an external FW800 drive for scratch vs the internal drive, and the internal drive won by a mile. FW800 just is not fast enough.