If you look up on Kingstons web site (
http://www.kingston.com ), you'll find that their memory for the iMac G4 1ghz-1.25ghz that takes PC2700 memory uses the same RAM strip as a PowerBook 1.5ghz. So, as you state, the memory came from an iMac G4 PC2700, it should fit a 15" PowerBook that uses PC2700 memory. Not knowing which PB you have, you may want to confirm for yourself, using the Kingston web site, that the KTA-PBG4333/512 RAM also fits your system.
Hopefully it will work for you. If you use it, and find yourself getting kernal panics, put it back for sale on ebay.
PowerBooks use memory bus slewing to control heat and power consumption, and while some memory meets the printed specs, not all brands can handle the PowerBook architecture. You can google on 'powerbook bus slewing' to read the Apple developer documentation that goes into it in more detail. Crucial, Kingston (not their valueram), and Samsung are three manufacturers that make memory which works with our PB's.