You're looking at a pretty severe difference in processing power, but your choice is cut and dry. Which is more important, portability, or CPU power? Do you do your mixes on your own rig? If so, I'd lean towards the G5, but if you have another place you can go to mix, the Powerbook is an easy choice.
I also haven't hit the ceiling (at least without trying to hit it) in a normal mix with my dual 2.5Ghz. Other than occasional wind tunnel noise from the fans when they kick into high gear, it's been really stable, and the heavy fans haven't kicked in during a tracking session yet. A single G4 just won't compete with a dual G5 of any speed in the number of softsynths you can run. I've been able to run a fully-loaded Reason rack, Altiverb, Stylus RMX, and Trilogy, and still have plenty of EQ and compressors running on a dozen or more audio tracks (with automation) with the CPU only hitting 50% or so. Unless portability is your main concern, you'll be much happier with a PowerMac tower.