I tested:
I have a Dual 1.25 (FW 800) and a 500 Mhz Sawtooth (both 1 GB RAM). I own a ATI Radeon 8500 and (of course) the 9000 Pro. I have swapped the grfx cards (so the 9000 Pro is in the 500) due to the fact that I own a 21" Studio Display (the Blue one) connected to the Dual, my res set to 1600 x 1200. If you didn't know, the 9000 Pro has a problem displaying during boot at 1600 x 1200.
Well, first of all I haven't noticed ANY difference in FPS between the 8500 and 9000, playing Nascar, MOHAA, RTCW, or F1 (in both Mac's)
But none of the games mentioned above look good on the 500 Mhz, but they look really awsome on my Dual 1.25! (and I have played around with the settings alot).
So, OpenGL seems to be VERY CPU dependant! I remeber using a Voodoo 5 5500 in a Blue and White G3 (350), which really, really was an enormous FPS boost in games like, Unreal and UT. Mind you, this was 3DFX vs. Rage, of course...
Bottom line:
At this moment, with these OpenGL games (OS X), I'd rather have a fast CPU, than a fast GPU if I were made to choose.
EDIT:
I realize that the two tested G4's are a bit extreme in speed difference

, but the same is to be said about a Single 733 vs Dual 533 in which grfx cards also have been swapped (GeForce 2 MX, vs Radeon 8500). This was at work (love it). The good thing about this test is that some games are dual proc aware....
So what have we done? Compared games (Nascar and F1), on both machines, and swapping the grfx cards. (Both Mac's had 512 MB RAM, and OS X 10.2.4, and 40 GB 7200 rpm disks).
The grfx cards had SOME effect, but the BIGGEST effect had the CPU. Nascar is dual proc aware, and jeez, that really makes a difference. Nascar ran better/faster on the Dual 533 with GeForce 2 MX, than the Single 733 with Radeon 8500! I was surprized. But F1 seemed about the same on the Single 733 with GeForce 2 MX as the Dual 533 with Radeon 8500. Probably is F1 only single CPU.
Thought you'd like to know.