Look at it this way, CPU clock speed (Ghz/Mhz) is a very poor indicator of performance. It's almost like saying that my car is faster than your car because mine revs up to 8000 RPM while yours only revs up to 5000 RPM. A lot more factors are involved in determining the car's performance. Same things with CPUs.
Now on to the P4. Intel designed this processor to scale up to very high clock speeds and basically have a very big GHz number. In order to do this, Intel had to do lots of hacks to the CPU and the result is a processor that doesn't do as much per Hz than other processors. That will explain why an Athlon 64 3200+ (which is actually a 2GHz processor) performs more or less equal to a P4 3.2 GHz.
Architecture wise, the G5 is very similar to the Athlon64/Opteron. You can expect the performance to be very similar, when all things are equal. The G4 and G3 processors are roughly similar to the P3 so you'll get more or less the same performance with an equally clocked P3.
But as with all things in life, not everything is equal. Most software is written to take advantage of the x86 (i.e. P4, Athlon, etc) architecture and a straight port to the PPC (G3, G4, G5, etc) architecture doesn't always result in superb performance. The quality of compilers for the PPC architecture isn't as good as those for x86. This is quickly changing with the work Apple and IBM are doing so it may not be a factor for much longer.
There are somethings that G4 and G5 chips can do very very well. One of these thigns is encryption. On some algorithms, a 800 MHz G4 can perform better than P4 5 GHz (if one exists). RC5 is an example of such an algorithm. Take a look at
http://www.distributed.net for some benchmark numbers. Anything that can be optimized with Altivec such as digital signal processing (media encoding, image processing, sound processing, etc) will show a very significant boost in performance.
To sum things up, its hard to compare PCs to Macs. Just be happy with the Macs and know that you aren't running Windows, an OS that should be forced by law to carry a warning that it can be hazardous to use.