Well, according to the MacObserver reporting on the keynote today, in comparison tests, the dual processor G5 "spanked" the 3.06 GHz dual processor Xeon. In the tests they ran, the results were:
Adobe Photoshop: G5 is 2.1x faster
Luxology: G5 is 2.3X faster
Mathematica: G5 is 2.1X faster
So, from the sounds of it, Apple HAS finally whomped the competition - for a while anyway. Whether the high end gamers will agree, remains to be seen. However, with one of those Radeon 9800's in there....my son is convinced it would be the ultimate gaming machine!
One thing I don't get - does Apple actually expect many customers for the high end G4 at $3,274 - almost $300 MORE than the high end G5? Unless you absolutely HAVE to have it tomorrow, what would motivate anyone to buy an older, substantially slower, noisier Mac for MORE MONEY? Someone needs their head examined.