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View source will only show the state of the HTML before Javascript renders the rest of the HTML. Check out the application using firebug (firefox plugin) and look at the HTML that is actually being rendered. Lots of div's for the layout of course and a few canvas elements (i think those are for the slide rendering).

While it may not be the most readable XHTML in the world - at least it doesn't use a plugin to do that work.

Yes, it does really use HTML and JavaScript. Cappuccino "participates" in the open web as much as any other application written on top of open web technologies.

Isn't objective-J translated to javascript by a sort of compiler? in that case you can't easily re-use pieces of code and use them in your javascript application.

Obj-J is run by, yes, a JavaScript file! It can be reused anywhere that ObjectiveJ.js will run.

I don't see any HTML and precious little "open web" in Flash, Mr hey-hooray-for-Flex-Builder.

Yeah, that's my point; they look pretty equal to me.