I think it's the same thing Opera Mobile has been doing for a long time now ...
Opera Mini on the other hand uses OBML http://dev.opera.com/articles/view/opera-binary-markup-langu... which is an entirely different thing.
Though there seems to be some confusion as Opera have been talking about combining both Mobile and Mini into one browser, and the new Webkit beta seems to be it. No one seems to know exactly which bits of each service have been retained.