I'm quite sure the processors are removable, so theoretically they could be upgraded. I'm sure Sonnet, PowerLogix, GigaDesigns, etc. will get around to making CPU upgrades for the PowerMac G5s at some point. It could take a couple years, though.
Even if the CPUs couldn't be upgraded, a dual 2 GHz+ processor is quite formidable and should be useful for several years, especially if you upgrade the other components like the video card, I/O, optical drive, hard drive, and RAM. I know several people who still use lightly upgraded dual G4s for professional work, with their original dual 450-533 MHz processors. They're still very fast and useful.
Think about it... a few minor upgrades to a dual 500 MHz PowerMac can make it run OS X very nicely. That's a five year old machine. It's not a speed demon but it'll beat just about any single processor G4 under 1 GHz in most things if you give it enough RAM.