I have tested 720p60 on my Dual 1.8GHz, Dual 2.5GHz and Quad PowerMac G5s. I have 1080p30 working stable, and 1080p60 technically works but it starts dropping frames and/or dynamically lowering the bitrate depending on the policy I am setting.
There's some additional overhead in a Moonlight stream compared to a 1080p 60FPS video streams like on Twitch - those play at 60 FPS with no issues. Moonlight adds a remote input layer that I have to sync up with the OpenGL canvas and handle Cocoa event polling from (mouse + keyboard + controller), as well as the low latency component which requires some additional tuning on the decoder side.
The reason I say this can be optimized further is because I am currently applying more conservative decoder settings that increase decode time but increase visual quality. I'm also still working to better understand ENet and input passthrough - there are a lot of opportunities to improve the event handling.
It will take some time to test and experiment on my end to create better tuning and a lag compensation policy that doesn't start jumping or dropping frames when it hiccups. Considering it's just H264, I could probably even get 1440p 60FPS working stable.