Were Apple to do this, it'd be silly not to make it at least big enough for a full sized optical drive and one (better two) 3.5" hard drive--what's the point of a more upgradeable "semi-pro" machine that uses notebook components?
It wouldn't need to have any PCI/PCI-X/PCI-E slots open (though one would be nice), although having an upgradeable GPU as shown in your diagram would be nice.
This has been discussed ad-nauseum, but basically if you cramped the G5 form factor down a little and took advantage of the Conroe (desktop) instead of Woodcrest (server) version of the Core 2, you could probably squeze in, say, a graphics card and one open slot, enough space for maybe 4GB of RAM, one 5.25" optical drive bay, and two 3.5" drive bays. That would be ideal, but you could scrap one 3.5" drive bay and the empty slot if necessary.
Now, this would only be a good idea if they're going to use Woodcrest in the "true" G5 PowerMac successor, maintaining it as a full-on, top-of-the-line workstation, which is what the current models are (16GB EEC RAM capacity, etc).
Given the choice between those, I'm not sure which I'd end up buying, although it would depend in part on the performance difference between Woodcrest and Conroe.