It's not like Apple would phase old CPU's out in each OS revision. It's more about the capabilities of each CPU and hardware requirements of each OS.
Take G3 for example; it has been good enough for OSX until now, and the only reason why they might drop G3 support from Leopard is if the OS requires SIMD-capable CPU, which G3 is not. Then again, the G4 is generally G3 plus SIMD, so in this regard they have no reason to drop the G4.
When would they drop the G4 then? Well, I don't even know. Leopard is touted to have some kind of 32bit/64bit hybrid system that allows 64bit (hardware dependent) but does not require 64bit CPU to function. The 64 bitness was my bet in when the G4 would be phased out, but it seems that's not the case. If 64bit CPU is not required and the G4 is SIMD-capable, then what is the feature that makes the G4 seem lacking? I think it will be supported just as long as the PPC architechture itself is supported.
And I bet it will be supported "forever" if Steve decides. It gives him negotiating power if nothing else is gained. I think he would want to include even more architechtures once people have fully converted their software projects into Xcode development environment. Once most software is compiled with Apple tools, then it will be a piece of cake to add support to more hardware platforms. Talk about universal binaries 😉
So...
I'm close to preparing myself into eating my shorts if the G5 support is dropped before 2012. If it is, then there has been a major OS revolution, which I cannot foresee in that time frame. Without anything that major, I doubt OS requirements change enough to make Quad G5 sluggish. Tiger runs "fine" with G3/350MHz which is +6yr old, and back then it was not the fastest Mac money can buy. I don't think that the next six years will see the same kind of growth in basic hardware requirements that has been the case in the last six years.