I got my MP1,1 back in late 07 - should have waited for next gen models, but I didn't know any better. Two months ago I've upgraded to MP5,1.
My old Mac Pro was showing it's age. It was great with 8mp raw pictures, but with 14bit-12mp+ raws it lagged. Not to mention Aperture 3 was constantly maxing out CPUs. Lack of 64 bit EFI and no official video card upgrades reinforced the fact that I need to upgrade. But I guess the breaking point came when I was making a 32-page brochure in Indesign...slow slow slow...
As to speed differences? Well, for what I do, my new MP5,1 is running circles around my old Pro - not once have I experienced any slowdowns, where with my old MP that was a daily occurrence.
Now...I'm not saying that MP1,1 is trash. With 5770 installed, I'd still be okay using the computer for another year or so.
btw, my old MP is a work-only 2D/3D CAD computer running Windows 7 64 bit with latest bootcamp drivers...not that hard to install...and I use it 9h/day, 5 days a week...it's still kicking and getting the job done 😎
adrian