I've got a fairly upgraded Sawtooth model.
It was originally a G4-500, now it's got a Powerlogix 1.4GHz CPU upgrade (I went with one of the 7455A processors because it doesn't not require any firmware flashing). The 7447 CPU will require firmware updates (but are often faster). The 7455 CPU has more onboard cache, so it is actually a little faster than a 7447 CPU at the same speed.
I also added an ACARD RAID PCI card. Not so much for the RAID (though I do use it that way), but to get "big" drive support. The IDE bus on the Sawtooth models only support drives up to 128MB. There is a software solution to allow bigger drives, but I trust that the same way I trust firmware flashing to support unsupported processors.
Finally, I've upgrade the video (twice). My first upgrade was an ATI 8500 Mac edition. It made things feel much quicker. The upgrade also allowed iMovie 6 to work better (there are realtime Quartz previews for transitions, and the original card doens't support Quartz Extreme).
Well, iMovie 7 came along, and suddenly I couldn't play anymore. It requires a graphics card with Core Image support, and the ATI doesn't have it. I ended up with a flashed nVidea 6200 card (PC card flashed for Mac support). Now I have iMovie 7 working. It isn't very fun though, lots of dropped frames when editing, etc.
The ATI and nVidea test about the same with XBench, so I'd go with the cheaper ATI if you don't feel the need to have Core Image support (I think Front Row also requires Core Image).
I've also upgraded the DVD drive a few times. I went from the worthless DVD-RAM drive that I "upgraded" to with the computer to a DVD burner, then upgraded again to a dual layer DVD burner (Pioneer each time).
Scott