It seems the canvas will be hardware-accelerated.

http://developer.android.com/sdk/android-3.0-highlights.html

Hardware-accelerated 2D graphics

Android 3.0 offers a new hardware-accelerated OpenGL renderer that gives a performance boost to many common graphics operations for applications running in the Android framework. When the renderer is enabled, most operations in Canvas, Paint, Xfermode, ColorFilter, Shader, and Camera are accelerated. Developers can control how hardware-acceleration is applied at every level, from enabling it globally in an application to enabling it in specific Activities and Views inside the application.