It means there are 2 x 1.42 Ghz G4s in the machine, with as you say, nearly 3 Ghz of processing power...
However, it is not really that simple when it comes to the speed of the machine, as most applications can't use the dual processors... they have to be programmed in such a way as to be 'dual processor aware'. Very few are, and if they aren't, they can't use the full potential of the machine.
This makes comparisons with an actual 3ghz chip difficult...
But in theory there is nearly 3ghz of chip in the machine...
Hope this helps,
Peace,
Marc