OK, I'll chime in here. I am in charge of about 75 Windows pee-cees in my day job, so I feel qualified to speak for that side of things. OTOH, I am a mac guy in my private life, having an ancient G3/233/OS9 box at home and lusting after a nice new 15" PB.
Pentiums vary widely due to bus speeds, memory configurations, disk types, etc., just like Macs. Also, and more importantly, OS matters. Windows 2000 will probably be 50% faster than XP on any machine. MS OS's get slower and slower with each release, unlike OSX. In PC-land, they just throw faster and faster hardware at it to more than compensate.
Also, speed does not equal speed. Processing power, disk access, all sorts of things may increase or decrease a particular process's "speed". However, most people think that if programs launch rapidly, a computer is "fast". For example, my desktop at work is a PIII/500mhz/256M Deskpro. If I compare launch times to launch the same version if Word 2000 (uncached after bootup, same Norton's configuration, etc.) XP boxes didn't get any faster than that old Compaq until they got to 1.8Ghz or so. But, a task that's less OS specific, such as a Photoshop filter on a big file, would be much faster on the P1.8. So be careful in comparing "speed". In general, a new G4 Mac running 10.3 will probably have the same "apparent" speed (i.e. app launch times, for example) as an XP box running at about 1 and a half times or so the Ghz. Some guy above posted some numbers which are probably pretty accurate. I can't speak for the G5, tho.
Another thing to consider is the standard software that comes with the system and the overall system integration. Here, Apple is miles ahead. For example, we get Dell Dimension 4600s at work and you wouldn't believe the crap software they bundle with it. Compared with iLife/safari/etc., standard XP bundles like Dell's image suite and MusicMatch are the most rinky-dink junk you can imagine. Too bad most windows users will never know what they are missing.
So a Mac costs more than a PC with the same apparent "speed". Big whup. When you consider the overall system package, design, construction, software, OS, and integration, (EXCEPT FOR THOSE LAME SINGLE-BUTTON MICE!!!), the value lies with the Mac, IMHO...but the PCs pay my mortgage!!!
