The "Opera Mini" mode renders webpages into a specialised format (OBML), so they function more like interactive images; I'd bet they finally implemented a OBML rendering/UX layer for iOS. "Opera Turbo" would be a standard iOS UIWebView except it routes your requests through a caching and optimisation server for smaller payload and quicker downloads.

Chrome on iOS renders in a UIWebView, too, and enables a similar "bandwidth saving proxy" technique by default which achieves similar results.

More about Opera Mini's compression, OBML (outdated but gives a good overview): http://dev.opera.com/articles/opera-binary-markup-language/

Sadly, I seem to only be able to install the previous version of the app which is a vastly different experience to the screenshots in the App Store. It might not have caught up to Australia's cache servers yet.

What would the benefit of that be?