It depends if you just want the machine to fold, or as a fileserver, or indeed as a main workstation. If the latter is true, then a G5 dual sounds good -- otherwise go for something you can build on the cheap, and run a Linux distro on.
I think that's a little biased - there were threads here which mentioned that a dual G5 2.0 took just as long as my XP2800 to finish a Tinker frame (of course, complexity allowing). Now I know from personal experience that fa-ast P4s are much better than Athlons - I swapped out a P4 2.4 for an XP2800 and saw a drop in productivity on the whole. So, logic says a P4 with HT and SSE2 will be even better, and a dual Xeon HT, with the ability to run 4 WUs simultaneously sounds awesome.
This then, in the scheme of things puts the G5 on a par with the Athlon 32-bit (Faster Gromacs, slower Tinkers) with the Opteron/A64 as an unknown quantity for me at least. They do have the SSE2 instruction set, but as to how well it would perform against the HT Xeons? Who knows...