Nonetheless, it's still totally believable. But it probably represents almost no optimization on their end. If I can play a 3d multiplayer game over 3G for an hour without the phone crapping out, a think some vector graphics are surmountable. There just has to be a desire there. And clearly Apple doesn't desire to be supporting a proprietary standard when HTML5 does the same thing in a completely open way.
Now, we just need a Flash (the big desktop creation app) equivalent that spits out HTML5 code. Anyone working on that?