Apple would be stupid to wait. For one the 7457 will be cheaper to buy, that will help their bottom line right there and it performs better. The 7457 at 1.3GHz is 30% faster then the 1GHz 7455 and it uses ~10% more power (16.6 instead of 15) and that will aid in keeping the systems cool, especially the notebooks, not to mention a faster bus and more cache will allow the chip to perform better. The 1.25 will use even more power and generate more heat. Waiting nearly six months after it is released (7457 will only hurt them. Sales will fall on those products and Apple cannot expect one product (G5) to carry them. The 7457 is pin compatible with the 7455, and out of the 200 pins, one that was not used is not used. So if the boards are setup with the pin, they can just drop the chip in. If they wanted to do that, waiting does nothing for them. They should take it as an opportunity to update the line with FW800, Serial-ATA, better GPU and maybe the ability to house more RAM. This would go along with a 200MHz bus that the 7457 has.
If Apple was going to use the 1.25GHz across the board, why haven't they? It is pin compatible with the 1GHz, so why delay it? Get the products out now and sell them before the school season hits. There are quite a few people waiting for the update before they spend their money. Some may decide to stick or switch to a PC. Or what about some schools that require a PB? Those students will spend a lot of money on one only to have Apple release a faster one not long after school has started. Apple does a lot for the educational sector, so they better do something.