[†] super-effective image and content compression? Elimination of multiple-server DNS lookups/requests/transfers? Compiling Javascript into a device's or Opera-internal "native" code on the server? I don't believe we've seen the last yet.
Take a look at the Turbo feature in Opera Mobile. It's similar to the Turbo feature on desktop. Once again, data is being sent through the server and it is being compressed. However, Turbo is capable of handling interactive-web-content (JavaScripts) because the rendering part is still being done locally.
P.S. What Opera is doing is similar to what www.onspeed.com does. I used to use that during my dialup days, and it was a big big help.
And with operators cutting down on data plans, limited bandwidth isn't going away any time soon either.
You are living in a dream world if you think compression is going away any time soon.