Here is my iMac G4, i am using 10.4. nVidia FX5200 is horrible, Leopard is very sluggish.
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Double the RAM or even better, max out at 2GB, and together with the necessary (& simple) Leopard 'speed-tweaks', you'll see that 1.25GHz iMac fly! It's certainly the case with my own 1.25 G4 iMac.