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Apple today released a series of firmware updates for its 2011 Mac lineup, addressing several issues to increase the stability of the systems. But the iMac EFI Update 1.7 goes a bit further, bringing the Lion Internet Recovery feature to the current generation of iMac models.



From MacRumors:
This update enables Lion Recovery from an Internet connection and includes fixes that resolve issues with Apple Thunderbolt Display compatibility and Thunderbolt Target Disk Mode performance on iMac (early 2011) models.Internet Recovery launched as part of OS X Lion in July, allowing users to easily install the operating system on a blank hard drive, a feature that is handy for users who are replacing their hard drives or for whom the recovery partition included on their Lion system becomes inaccessible. Internet Recovery functions by adding a minimal bootable install onto a machine's firmware to allow it to connect the Internet and download the full Lion operating system for installation.
  Lion Internet Recovery Comes to Current-Generation iMacs