Connecting in via ssh showed that the system was just fine and close to idle. It was the GPU where the issues are. I ran intel_gpu_top and what you see is that render busy is at 100% as is blitter busy (most of the time). Essentially the gpu is saturated. I do wonder if this is similar to bufferbloat, but with so much work pending for the gpu that other requests take a long time to run.
I ended up having to kill -9 chrome, and ended up with a hung system (ie even magic sysrq didn't work).
It chugged along at about one frame every two seconds for about 10 seconds, before an app not responding dialog appears. I reported it, and the tab was restarted. On the restart I get a bottom of Chrome message "Rats! WebGL hit a snag". It has a helpfully (not) grayed out "Learn More", Reload or Ignore. No matter what I did I couldn't get it working again, with the browser showing "WebGL not supported".
On my Nexus 5 it ran just fine - smoothly even although there is a lot of aliasing.