The answers to these questions are quite simple.
First of all... The PowerMacs have dual channel RAM, the iMacs do not. This has absolutely nothing to do with 64 bitness, the iMac G5 is definitely 64 bit. Dual channel RAM is just faster... It's kinda like dual processors, except for RAM instead of CPUs. Cost isn't the real issue, I don't think.. Because in the PC world there are motherboards that have the option of using dual channel RAM, but don't require it.
The PowerMac also makes better use of dual channel RAM than an iMac would because not only a faster system bus, but also a dual system bus in the dual processor models. The speed gain from dual channel RAM is relatively minor, but it's better than no gain at all on a performance system.
Next the speed issue. I don't know what G4 you're comparing the iMac G5 too, but the iMac G5 is definitely faster than a fast G4... but not much faster. Part of it is because a 1.6ghz G5 isn't really much faster than a 1.5ghz G4 for most things, for some things its not even quite as fast. Another reason that the iMac G5 isn't faster than it is is because Apple crippled the FSB. If I were to speculate, I'd say they crippled the FSB for heat reasons.