Depends on your usage
It all depends on what it is you're doing with your P4 and your G5. Text editing won't show any difference. 🙂 Running apps that are "ported" to MacOS will probably show the P4 is faster (very likely those apps were optimized under Windows and are simply runnable under OSX). On the other hand, apps that are optimized for OSX and the G5 may run faster on the G5.
There's also the point that the video card in the Mac in many ways acts like another CPU -- where Windows, Linux and other more traditional systems do almost all of their graphics functions in software on the host CPU, MacOS X does a lot of its graphics processing in the GPU (video card). Having a Radeon 9800 or GeForce 6800 in the Mac will make the whole system seem more responsive in every application (not just 3D games). If you put a GeForce FX 5200 into the G5, it probably won't be as snappy.
Personally, I enjoy running iMovie, iDVD and Garage Band on my Mac (dual G4). These run infinitely faster on a G5 than on a P4 becasue they are only available for MacOS X. So yes, it all depends on what you will do with the system that determines whether it's faster. If you do mostly Photoshop or Flash, chances are you'll see good performance on either system because those apps are made for and optimized for both platforms.