First, comparing processors by gigahertz (megahertz, whatever...) does not work. It might work, if you know that the compared processors are similar in every other way, and x86s and PPCs certainly are not.
I don't even see, how one could compare processors of different families with any kind of code. They have different instruction sets, different architecture, different everything. So I don't believe it, if/when Apple says "our processors are as fast as x86 with twice the gigahertz", neither do I believe that 2.8 GHz x86 is faster than 2.8 GHz PPC. It depends on the code waaaay too much.
So, what's left is your feeling of speed. Which ever one does the job for you faster is faster.
Why I'm looking for Macintoshes these days, is that I'm comlitely fed up with Linuces über geekness. I don't have anymore all the time in the day to fix and adjust the OS, I want to do my job. Apple's environment is the most promising, since it has the best parts of Unices, and a nice enough GUI, should I need one. Redmont product family is too restricted for my mind, althought something funny is going on there too, they are giving a compiler for free too.
Summa summarum, which ever is faster for you is the fastest. And it might be even your years old Amiga...

(Or am I complitely wrong with my opinion?)
BTW, would Yak care to comment on programming PPC and x86 on assembler level, as he might have quite a lot experience on both of them?
As Snakey said, it does take quite a lot of code to write easy things on PPC, but as Pogo said, it gives a lot of possibilities for optimisation. But there are macro assemblers available for both processors, aren't there.