While there is a "myth" that mhz is all that matters, it's also a myth that the G4 can whoop ass on P4's running at twice the clock speed. Sometimes it can, other times it gets trounced. It depends on the application, how well the developer optimized for either chip and OS, and other system components like Video Card, HD speed, bus speed, RAM speed, backside cache, etc.
Apple's problem is two fold. Yes, they are hampered by Motorola not getting faster G4s to market. But they do themselves a disservice by sticking with outdated technology longer than PC manufacturers in an attempt to save costs. For instance, Apple could switch to ATA-133 hard drives, which would dramatically increase performance all around. They could also have switched to DDR SDRAM, which would have sped things up. Same with faster bus speeds and better video chipsets. The processor is just one of the areas where Apple is behind the upgrade curve.
The good news is that even if all we get are 1.4/1.5ghz G4's at Macworld, if Apple implements DDR SDRAM, Faster bus speeds and the increased back side caches, we will still probably see almost 100% in increased performance.