WIth the new iMac how do we connect an external screen? For all that own or know this in the new version.

Is the Thunderbolt output compatible with the Mini DisplayPort to VGA Adapter? 


If not, how do we connect our external monitor?
If yes, with the 27" version there are two ports, can we connect 2 external monitors?


BTW: I'm asking about standard monitors, not the Apple Cinema Display.
Thunderbolt is a superset of Displayport Apple page on Thunderbolt says


  And because Thunderbolt is based on
  DisplayPort technology, the video
  standard for high-resolution displays,
  any Mini DisplayPort display plugs
  right into the Thunderbolt port. To
  connect a DisplayPort, DVI, HDMI, or
  VGA display, just use an existing
  adapter.