Not to get involved in a silly argument, but I have *the* very fastest G4 Powerbook at my disposal (One of the 1.67 DDR2 RAM models) and it faceplants pretty hard at anything involving H.264 at resolutions higher then 480P. (And it has to work pretty hard to manage that.) MPEG2 or even Xvid/Divx mpeg4 at higher-then SD resolutions should be doable on a G4 depending on the bitrate but I'd frankly be really surprised to see even a dual G4 play anything HD in H.264 without at least some frame drop.
(And of course nearly all legal downloadable HD content is in either H.264 or WMV, so it seems like sort of a theoretical question whether Divx or whatnot would work better.)
There are some alternative players out there that *might* eek it out. Googling turns up a commercial one called "CoreAVC/CorePlayer" that supposedly is fast enough to handle HD on a 1Ghz-ish G4. However apparently that one is missing enough features that it may be useless for real applications. (Might not be much fun to find you've paid $20 for an application that can play an H.264 video without frame drop but can't play the audio.)
Anyway. Just more whipping of a dead horse. In theory you might, just might, be able to play HD video on a G4 but evidence is in favor of it being more of a parlor trick then a practical application for those machines.
(Undoubtedly there are people out there who say that 1080P plays just fine on their 800Mhz iBook G4 with-no-special-fiddling-thank-you-very-much, but without someone peering over their shoulder to verify we don't know if what's really going on is the person in question just has very fond memories of the filmstrips they saw in elementary school. *beep*.)