This is simply not true. The G4 is a nice chip ( I use them every day ) but the G5 has a much better Floating Point unit, it is capable of doing more instructions per cycle and is not crippled by a 167 bus. A 1Ghz G5 would blow my 1Ghz G4.
check this out Unless by "better" you mean cooler, and even this would be questionable. We have never seen a 1.5 Ghz G5
The P4 was an architecture intended to clock really high with bigger pipelines and a nice branch prediction ( above 4Ghz ) and that high frequency would compensate for its design "failures". However, it didn't scale as nice as intel imagined.