Well Steve did promise us 3Ghz G5s within a year at the initial announcement of the G5 at the WWDC in what, July? They started shipping in August sometime, so if all goes well we should see 3Ghz G5's by August 2004. Not holding my breath once that time comes however.
Actually what I am more interested in is how long before the next G5 update. Unless we are to believe that a revA product can make it a full year without an update, there should be a new G5 out perhaps in January? And how far will they have gotten the speed increase by then? Will they have hit 2.4 - 2.6 Ghz by then? That would bode well for seeing 3Ghz before the end of next summer. Hopefully the increases will be better than going from 1.25 to 1.42.