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The previous speed bumps are all in the cpu/bus ratio's

Starting with the first 133Mhz motherboard macs we have these speeds:

7450 G4 with 1.83 MIPS per clock cycle

lowend : 466Mhz G4 (3.5 x bus)
highend : 733Mhz G4 (5.5 x bus)

Next we see huge leap in the entry level but only a one multiplier increase on the highend:

7450 G4 with 1.83 MIPS per clock cycle

lowend : 733Mhz G4 (5.5 x bus)
highend : 867Mhz G4 (6.5 x bus)

Again they only increased the highend G4 by one multiplier but this time the new chips are around 25% faster in a per clock cycle sense.

7455 G4 with 2.28 MIPS per clock cycle

lowend : 800Mhz G4 (6 x bus)
highend : 1Ghz G4 (7.5 x bus)

Someone's already got their 1Ghz G4 to work at 1.2 Ghz so if we're sticking with a 133Mhz bus we could realistically expect these speeds next:

lowend 1Ghz (7.5 x bus)
highend 1.2Ghz (9 x bus)

or maybe a totally maxed out highend model at 1.333Ghz

Now if we can get G4's with a 266Mhz FSB we can start to use DDR ram and the multipliers would look like this :

lowend 1Ghz (3 x bus)
highend 1.333Ghz (5 x bus)

As far as I know the maximum multiplier is 10 so if we don't get a faster motherboard and a faster FSB on the G4, we'll be stuck at a maximum of 1.333Ghz till apple and motorola sort it out.

Just before someone starts whining about the numbers being wrong, a 133Mhz bus actually runs at (100/3)*4 which is 133.3333333 recuring so a 1Ghz G4 is exactly 1000Mhz while an 867Mhz G4 is actually 866.666666 Mhz Boring I know but it does explain things easily.

I do think 1.2Ghz is a definate because it's already proven to be possible, anything higher could just be wishful thinking. I'd like apple to surprise us all and give us an all dual line up in the same price scheme they have now at 1Ghz, 1.2Ghz and 1.4Ghz but I'm guessing that's just wishful thinking. I've stayed with my beige G3 for quite a while now because I'm waiting till a new powermac comes out that's really worth investing in for at least 3 years use, I still havn't seen one that's either powerful enough or in my price range so I'm hoping we'll get at least a 1Ghz G4 in the lowend by the end of the year.
 
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