You can find a Radeon X1950 Pro for CHEAP, I have the slower X1650 pro 512MB in a PC that was driving 3 1920x1080 displays. Actually, most of the time it was driving one CRT monitor, but for grins I hooked it up to see how well it would worked, was smooth as butter! I would make sure you've got at least 512MB of memory on the card, many of the cards have multiple editions with as little as 64MB, the more pixels your pushing, the more memory is needed. You could boot 3 HD displays on 64MB, but fire up anything GPU intensive, and you better make a pot of coffee cuz it's gonna be a while! It's BARELY a cost difference, if at all, so I would look into it!
By the way,
www.newegg.com has a nice selection of refurbished (and even NEW) AGP 8X cards, and I believe they stock the X1950.
Edit: Also be careful, the X1650 can come in different configurations, one is DVI, VGA and S-Video, another is what I have, 2x DVI and VGA, which would work for your purposes. Best solution would be 3x DisplayPort or DVI (I am pretty sure the X1950 has a configuration thats 2x DVI and 1 DisplayPort), a DP to DVI adapter is cheap. ATi Just makes the actual GPU, not the entire card, so different manufacturers (Sapphire, HIS, XFX, etc.) configure them differently, FWIW I've had great luck with MSi and Sapphire, but they're all good, go with one that is configured best for you, again, 512MB of memory or more, and an all-digital output setup if possible. (NO S-Video, though VGA will work, but DVI/DP would be better.)
-John
Edit2: I just checked newegg, doesn't look like any 3 display configurations, but you still might find some used. However, if you are adding ANOTHER AGP 4x/8x Card, there are some solutions there that run from $30 to $80. Otherwise the Matrox would work, but it seems like there must be a more inexpensive solution for you. It would probably be better than a PCI (as opposed to AGP) Graphics card. I'm not familiar with the PowerMac G5, so another AGP Card would only work if you had integrated video, because AGP by design is only one slot per motherboard, except for some high end server motherboards with special controllers (but you know Apple, screw convention we'll do what we want, it could have 4 AGP slots for all I know.) But a PCI Graphics card is bound to be too slow to function at those resolutions like you'd need them to.
Good luck! Let us know what you end up doing.