Well my stuff isn't Doom3 level so I guess it's useless but I'm building visualization tools for the brain imaging community with WebGL and for that it works great. I have no fear that WebGL will do fine, it's an evolution of the Web the same as was seen on the phones. Looks at 2006, did anyone seriously think phones would be able to do much? Then a few years later Carmack shows some cool demo engine for iOS Rage which looks about as good as the PS3.

As for compressed textures. It hasn't been ruled out for ever. This is stil version 1.0 of the spec.