The test is based on a textured, lit cube in OpenGL which uses a 'display list' to duplicate the cube to increase the triangle count on screen. The CPU calculates the cube rotation and then is repainted. It does not use anything other than the opengl drivers and Mach kernel really (95%) and is not multithreaded. It is basic raw graphics capability doing what is basically done in games and 3D software (without the very latest vertex extensions), which most legacy code does not use (yet). There seems to be something in the drivers since the G5 does have a good modern memory architecture and CPU.
From what I have read so far online this has been a problem for some time and anyone interested in professional 3D apps (Maya, Cinema4D, Lightwave, etc.) should hound Apple to fix this. This is also a deterrent for other professional CAD apps (ProE, AutoCAD) to port their software.
Games with low triangle counts are not as affected. Doom 3 is affected!