There is no way Apple could close the mhz/ghz gap. There won't be Motorola CPUs @ 2 ghz within the next few weeks, I can assure you...
If the 7460 is basically a 7450 (maybe with some slight improvements) with SOI we can expect a mhz increase of 20-30% (that's what Moto said at least), so you coul expect something like 867 | 1000 | 1133 mhz.
1200 or 1266 would really be the absolute maximum, 1.4 ghz sounds very unlikely unless Moto would add more stages to the pipeline.
Even if a 1.2 ghz G4 is as fast as a higher clocked P4 (and I assume that the 1.2 ghz G4 is not as fast as a 2.2 ghz P4 in common tasks, especially not when comparing G4/OSX and P4/XP), Apple really has to do something about it, it just doesn't look good. As I already mentioned in other posts, consumers know almost nothing about tech and they are led by a few numbers, especially mhz/ghz. On the other hand Apple MUST deliver faster PMs, at least if they want to attract people in pro-areas like 3D graphics.
The only way Apple could really top Intel/AMD would be using raw MP power. Imagine the following lineup:
good - 1 ghz G4
better - dual 867 ghz G4
best - quad 1.133 ghz G4
Maybe Apple could even introduce performance comparing numbers like AMD (dual 867 = 1600, quad 1.133 = 4000 for example - "4000" sounds better than "quad 1.133", doesn't it?)
But to be honest I think the only true solution would be the G5. A 1.6 ghz G5 could easily compete with the P4/2.2.
I often remember AIM announcing new CPUs. Specs were always way ahead, but then we had to wait months (years) until the CPU finally came out. By then Intel/AMD had already equivalent or better CPUs on the market.
I think the G5/1.6 ghz would be a sensation if it came out in January. In mid 2002 it will have to compete with the (guessing) 2.5 ghz P4. If the G5 comes in Jan 2003 you will then be able to buy a 3 ghz PC. Who will care about a 1.6 ghz G5 then???
Whatever Apple plans to do, they will have to do it quickly. We need powerful CPUs, and we need them NOW.