I have a 550MHZ G4 upgrade on one of my Pismos and I would say no, I don't
see much of a speed bump on it.  It is faster but for everyday applications
it is not that significant.  The only difference I see is the frame rate on
YouTube video is faster and you can actually watch a movie but it is still
choppy and not smooth.

G4 has altivec that will improve Photoshop and video editing performance.
 But quite frankly I would not recommend doing video editing on a Pismo
since it will take a long time.

For the same money you are better off spending about $150-$200 to find a
used Powerbook G4 then you can have two computers instead of one.

For an interesting comparison you can go to Geekbench and see if there are
any scores there for the upgraded Pismos.  The base for a Pismo 400 is 206.
 By comparison my MBP 2011 quad core clocks in at 10,150 !

http://www.primatelabs.ca/geekbench/mac-benchmarks/

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