The parse time is significant for jQuery, atleast on some mobile devices. For example, in my tests on an Android N1 today, jQuery took 800ms to parse (even when cached) whilst Zepto took 300ms -- saving 500ms.
See: https://code.google.com/speed/page-speed/docs/mobile.html#De...
BTW, their Page Speed thing is now available online: https://developers.google.com/pagespeed/
For example: I discovered that my tiny localStorage library was taking 300ms to load, and that was because I was doing feature detection at parse-time and that feature detection attempted to actually set an item in localStorage. I postponed that, and got the load time down to 20ms.