Architecturally can the PPC ever reach the performance of the x86!?
The problem is not in getting PPC to match x86 on a given day, IBM have proven repeatedly that they are more than capable of doing so.
The problem is in maintaining parity between x86 and PPC once they meet.
Telecoms don't tend to need ultra fast PPC's as they use SOCs with the grunt work being passed onto specialised bits of silicon rather than a general purpose cpu so as to save power and reduce heat output.
Even the chips in the current games consoles really aren't all that, not that they were
that competitive to begin with in raw performance terms.