It's possible that you have a bad connector on your power splitter cable. Do you have a meter or continuity tester so that you can pull the cable out, and test that all 12 connectors work?
If the cable's seated properly into your DVD drive's power socket (in the middle of the cable), and one end is connected firmly to the power connector that used to go to the DVD drive, and the other is firmly attached to the card, you should be OK unless your cable is bad.
I also have had this card fail to be recognized intermittently. Sometimes unplugging the machine for a few minutes solves it. Other times I just work on the machine for a while, reboot, and it shows up then.
Since this card is being used successfully in so many PCs (or so I hear from SIIG), it may be an issue with the way the G5 implements PCIe. I wouldn't be surprised, as many of us are getting lower throughput with our FireWire 800 PCIe cards than we get via the built-in FW800 ports. Maybe there's an issue yet to be addressed.