Has anyone tried this either using bootcamp, a VM, or replacing the OS X? Google search yields old info.
I've run several different OSes on my iMac via Parallels Desktop. It worked, but was annoyingly slow and the older version (3) of Parallels I have didn't support SMP. VirtualBox seemed to be faster and free.
Bootcamp isn't virtualisation, it's directly running on bare hardware, so it's faster. But as of version 4, only Windows 7 is officially supported. Not to say other version won't work, but if you need proper support you're out of luck.
If you have a Mac and just want to play with Linux, I'd suggest a VM. If you need Linux and no longer need OS X, I'd suggest a PC because it'd give you a better bang for buck ratio and Macs have decent resale value.
Oh and if you do use another OS on a Mac, my tip is get a PC keyboard. Saves hassle.
I dunno about wise, but you can. I run Fedora on a 27" iMac, and it's a great hardware platform for it. At first, I dual booted using rEFIt, but now I've ditched OS X entirely and just run Linux as the only OS.