I will never be able to run any more versions of OS X, though it runs Panther now. You might as well stick with Panther. The G5 comes with Tiger installed but will run Panther - and I can network the old and new machines without any bother using Panther, wheras Apple's made changes in Tiger that won't allow you to network from Tiger, though you can network from the older machine.
(Which has caused much grief and swearing in schools that have a lot of older machines - I've had to clear Tiger and reinstall Panther for a couple of schools round here.)