HTML rendering itself is already "fast enough." All of the perceptible delay when loading a webpage is network latency, rendering is already pretty much instantaneous on all modern browsers.
What browsers can't do right now is enable webapps with native speed and experience. And that is what Google is targeting squarely, with this in combination with Native Client.
If HTML5 is ever going to be a real Flash replacement, it's advances like these that will make it happen.