Yep, the Woodcrest (and Core 2) products are obviously faster per clock than the G5. Anything else would have been pretty bad, since the G5 is old news now. What's nice is that the frequency ceiling seems quite high on the Woodcrest parts, which means that we won't have to wait all that long for higher clocked versions. 🙂
By the way, why is it that no one tests Photoshop performance on the Mac Pro running WinXP through Boot Camp? 😕 That way we'd see how the Mac Pro stacks up to the Quad G5 without having to wait for CS3. That said, considering the pretty impressive performance under Rosetta, it's pretty safe to say that the Mac Pro will outperform its older brother substantially.