The problem is not the heat output, the G5s consume a lot less than current P4s. The problem is heat density, meaning the heat per square centimeter which is still very high.
IBM is rumored to develop a replacement for the venerable PPC 400 series (often found in printers) and they intend to build a super computer with it. It is dubbed PPC 300, the first incarnation is supposed to be the PPC 350, 64 bit wide and with excellent performance-energy consumption ratio.
All of that is based on rumors, though, but I am quite confident, they are working on something.
IBM has also build a dishwasher-sized supercomputer cube with their old low-energy chips (512 x PPC440) and intends to do so with newer-generation ones (which would probably be the rumored PPC350, IBM has sold the design of the PPC400 series, I believe).
With a chip (or several for that matter), Apple could build a PowerBook.
As for now, I think there will be a PowerBook in January the earliest, probably even later.