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Now I am wondering how much more power would I have with a G4 running at 500 mhz versus my G3 at 500 mhz
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<font size="2" face="Verdana, Arial">Not much, and with regards to PTLE: none.
Basically, your only upgrade there is the altivec processor, which PTLE doesn't take advantage of. You'll really only see a difference (and a minor one at that) in applications that support the altivec processor.