Apple will do whatever it wants with regard to the name of the new products, but it's pretty likely that they'll still be PowerMacs. There's no reason to change that. Yes, it came out with the PowerPC processor, but the PowerMac is the brand identifier. It's the name consumers know. If they can get away with calling it a G6, they might, but it wouldn't be the best idea.
Despite all the turmoil the transition is causing in tech circles and for developers, customers don't care and it shouldn't become a big marketing problem. A whole new architecture, sure. But in the end, it's just a different CPU. On the surface, Apple will do everything it can to minimize the impact of the transition. PowerPC-only software, however, will have to come with a disclaimer along the lines of "Designed for G3, G4, and G5 Macintoshes only," meaning that maybe a different letter moniker is in order. "X" is a fashionable letter, but might get confused with the OS's X (ten). Or they could come up with a platform name, use series numbers like Intel's processors, or any of a dozen other ideas.
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As far as the speed rating supplied by IBM, I believe the 2.5GHz IBM 970 and the 2.5GHz "Apple G5" that is liquid cooled are identical. The Power server series by IBM is notoriously loud and has heavy-duty cooling equipment. It also belongs in a server farm where noise output isn't particularly important. The air handlers in places like that are usually louder anyway. Apple just went with liquid cooling over installing jet engines in the cases, as its air-cooled G5's sometimes get loud, and just imagine the cooler of a 2.7 PMG5.
That seems to be the most plausible explanation to me, anyway.