The usual warnings apply here:
1) Get a rev.2 (or a Yikes!) if you want to use IDE drives.
2) Be wary of installing an OEM Apple G4 into a rev. 1 B&W. (MY experience, ymmv)
Raw speed is about the same at the same Ghz. You see the difference if/when you hit a piece of software which is Altivec aware. That said, there is not a lot of reason to *not* have a G4 over a G3.
JR
P.S. I have one you can have, but it is all the way up here in Joisey and probably not worth shipping.