Been playing with Fedora Core 2 on my shiny new toy.
It's mostly working fine apart from the fact that the installer doesn't quite manage to make the thing bootable, and doesn't make an Apple Bootstrap partition if you let it autopartition. Switching to tty2 after the install has finished, when it wants to reboot, and then setting up yaboot manually, should get you round that. There are a few remaining annoyances but nothing too major. I made a tracking bug for it: #121179.
There's a handful of packages for FC2/ppc in a yum repository at ftp://ftp.uk.linux.org/pub/people/dwmw2/fc2-mac. There's some Livna RPMS including Xine fixed to work on PPC, pine, and qemu. There was OpenOffice.org 1.1.1 for a while but now that's in the rawhide tree so I removed my build.
Qemu is impressive -- it runs i386 acroread very nicely, and does it inside a Mozilla window with mozplugger. If only I could get a flash player to work similarly. I do have the standalone flash player app working, but the sound is wrong-endian. I wonder how hard it would be to make a mozilla plugin which uses qemu and thunks in and out of native code, to allow you to use i386 plugins...