If you have the right video card, you can get Mountain Lion running with these instructions:
http://www.jabbawok.net/?p=47This worked for me with my 2006 Mac Pro 1,1 w/ an ATI HD5770 graphics card. I do have an issue where it often doesn't come back from sleep, so I never put it to sleep, but other than that it's been flawless so far. I haven't spent any time looking into the sleep issue, maybe it's a solvable problem.
By strictly hardware performance standards, the Mac Pro 1,1 and 2,1 did not deserve to lose support so soon, and are still more than adequate. Especially the 8-core versions, which have benchmarks higher than many 2012 Macs.
If you have a 4 core model: I researched putting in replacement CPUs a while back (but never went through with it). Replacing a CPU in a Mac Pro is not the easiest and is a bit of a pain from what I hear, but it is possible, and if you have 4 cores right now you can get a serious CPU performance boost with the right 8 core CPU upgrades (2 x 4-core CPUs, that is). There are many options that will will work. If you're interested, I can give you more details on which CPUs work.