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Having some questions about Pegasos II myself too, I don't think Pegasos III will be G3 / G4 combatible at all, just like Pegasos II won't be G5 combatible either.
You see G3 / G4 are on the same generation while G5 (PPC 970) is totally different technology. So IMO there will be: Pegasos II for G3 / G4 and Pegasos III for G5.
I am going for a Pegasos II with the coolest CPU available as soon as possible
I think this is just all exciting!
First I thought I'd swap my Pegasos I April 1 to get the April 2 fix, then I saw that everything was pretty much stable for my needs.
Then I heard about that G4 card and Pegasos II so I said to myself "Hey, why would I buy the G4 card if I can wait only few months for Pegasos II?".
Now I see this news about Pegasos III! Geez!
I just got a new job (more cash coming in!) so I think I'll keep my Pegasos I, buy a Pegasos II G4 and also Pegasos III when it gets out.
Maybe BBRV is a bit too enthousiastic! Wouldn't have been better to wait for the Pegasos II to announce Pegasos III? Doesn't it prevent Pegasos II to be sold to more people? I don't know about this ... is it a marketing strategy or something?
Just hope it works ;)