Well, there's your problem.
I'm only half kidding. But I don't really think most G4s do well with Leopard in my experience.My 1GHz 15" iMac G4 with Tiger feels zippier than my iBook G4/1.33, probably because the iMac has a 167MHz bus.
I still agree it's no speed demon, and it's not my daily desktop, but it is a good backup workstation. Then again, my bedroom workstation is now the Spartacus, so I don't have terribly high requirements of my computers.