Does the Opera browser app itself not interpret javascript? Is it offloaded to the iPhone's WebKit/rendering engine? Otherwise this would seem to fly in the face of the recent change to 3.3.1.
[1] http://en.wikipedia.org/wiki/Opera_Mini#FunctionalityGmail just gives the normal HTML mobile version, like it did in the bad old days before iPhone.
The restriction on downloading and executing code has been in the developer agreement since the beginning. It's not a recent thing.