3 years into Android and those devices still can't display webpages at the speed and precision that we'd need them to. I haven't had the chance to try out Ice Cream Sandwich yet, but I have this rule of thumb: html5 is crossbrowser alright, but not crossplatform yet.
When I look at how my desktop's chrome browser is faring with Twitter being laggy to scroll, with processes taking up far more ram than what the android heap would allow, all this while the devices display sizes increase radically and hog for even more graphic performance... I simply don't see HTML5 as any sort of reasonable option for Android, at least until the market is filled with ICS+ API level devices. And even then, I still haven't seen if ICS can handle webviews properly enough for building full apps.