Jason,
The 1.6 G5 uses a slower bus, slower memory, etc. Also, applications really need to be optimized for the G5 before we'll see significant speed increases.
If I read BareFeats correctly, the dual 1+ G4s beat the 1.6 G5 in some tests, especially in tests where one would expect a multiprocessor machine to excel.
BareFeats also hinted tantelizingly that tests with the new gnuC 3.3 compiler (w/G5 optimizations) are showing significant performance gains.
And, even without optimized code, the dual-2 gHz G5 is very fast.
The G5 will mop the floor with the G4s.
Doug