To the best of my recollection of the differences:
At the time they were built the G4 had many advantages over the G3 and comparable Pentium processors.
Aside from clock speed, the G4 tended to have a higher gigaflops rating, meaning it could do more instructions per clock cycle (faster at the given mhz rating than the competition).
Another advantage was the altivec vector processing, kind of like a built in fancy math co-processor that could computer complex commands quickly, it made for better advantages in certain programs (IIRC this was not passed onto the G5)
The advantages were soon displaced by the P4's raw speed and SSE2,3 MMX etc. so a top end P4 outpaced a top end G4, but the G4 still paced with the original Pentium M chips as of 2004/5.
After the release of the G5, which was supposed to be the greatest thing since sliced bread (and dual/quad G5s are still comparable to the low/mid range apple intel offerings) the G4 had only the advantage of being cooler running and altivec, hence why no G5 powerbook. the G4 though has been showing its age for a long time.
Originally jointly developed by IBM and Motorola, the schedule of upgrading for the speeds was inefficient and often very slow. Motorola sold off its chip division (which was already more interested in embedded ppc applications (ie. routers, cellphones) over desktop/mobile chips) and left IBM to develop the ppc platform for Apple. This led to even slower progress. IBM didn't see the urgency Apple tried to have in the push for new PPC development, insomuch that the long awaited 2 Ghz G4 never emerged off of paper (and it would have been ideal for powerbooks as it was comparable to the G5 but cooler and less power consumption). The G5 was really a derivative of the POWER 5 architecture the IBM uses in its high end server systems and didn't help to pull along development of the G4, which was classed as obsolete essentially.
Due to these issues with IBMs supply and R&D, Apple decided to go to intel, hence burying the G4 (and PPC) forever as old and obsolete.
Hope that kind of helps