Mozilla Firefox not sandboxing Javascript is not an OS/2 problem. It is a Mozilla Firefox problem.
The problems with WWW browsers are not solved on other operating systems, are a lot more to do with a user being vulnerable to processes running as xyrself which multi-user semantics will not address on any operating system until the world starts taking advantage of GNU Hurd or nonce SIDs, and in large part lie within the application.
* http://explainxkcd.com/wiki/index.php/1200:_Authorization
They lie in cryptography implementations, in the architecture of downloading programs across the WWW from arbitrary third parties and running them, in the access from one WWW site to another, in the architecture of "Web APIs" and non-document WWW sites, in document model implementations, and so forth. Presentation Manager and low-level sockets form almost none of this. You are positing that the major locus for flaws is libraries that literally provide the low-level read()/connect()/bind()/&c. library functions. Whereas the add-on libraries that the people porting these applications have to also build, from SSL libraries through HTML parsers to PNG and MPEG processors, form a lot of it; but are not part of OS/2 nor set in stone.
You cannot have your cake and eat it. Either OS/2 comes with this stuff and it is a problem that the stuff is old with known vulnerabilities, or the problem is (as indeed explained in the headlined article) that OS/2 does not come with this stuff and a large amount of effort is needed in porting all of these modern libraries, runtimes, and even whole language development toolsets to OS/2. The reality is the latter. They are, after all, asking for money for doing one part of exactly that.
But that reality means that vague handwaving about "written in a pre-Internet world" (which it of course was not, the Internet pre-dating any version of OS/2 by about a decade) is ill-thought. The irony is that the vast bulk of the so-called "surface area" in a WWW browser is in all of these application layers and libraries that are modern.
Or, put more glibly: I don't expect any Javascript security holes in IBM WebExplorer ever.