I have an iMac with a 1.83Ghz core duo and an ATI X1600 (OSX 10.4). The performance is quite poor. Actually I have a Linux box with a P4 1.2Ghz and an NVidia 6800 and it's faster on there. I was expecting the iMac build to perform a bit better.
The performance seems to get worse over time, which can point to memory leaks (but well, that may not be the only explanation)
I also notice hitches when textures are bound. Teleporting to a new area, and the app will hitch for about a second for each new texture appearing on screen (untextured geometry is fine). I know on Linux some drivers do format conversion in your back on texture bind, and I suspect something similar on the Mac.