Based on tests on my Developer Transition Kit I would guess that Photoshop would be faster on the Intel iMac than on the iMac G5 - in most cases.
The latest test seed included a version of Rosetta that supported AltiVec though, and that actually made Photoshop a lot slower when using filters that could take advantage of AltiVec. I don't know if it has been fixed or if you can turn off AltiVec support.
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The latest test seed included a version of Rosetta that supported AltiVec though, and that actually made Photoshop a lot slower when using filters that could take advantage of AltiVec. I don't know if it has been fixed or if you can turn off AltiVec support.