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It doesn't seem that unlikely, street view is mostly a fancy slideshow.

It does some pretty sweet 3d-aware image manipulation. I wouldn't call that a slide show.

On the client end?

Yes.

WebGL or perhaps fiddling with Canvas. It's only a matter of time.

Street View already works in the WebGL version of Google Maps, with performance no worse than the Flash version.

Then I retract my half-hearted defense that perhaps Google is invested in Flash.

Which is why they're furiously working on MediaSource API (and it's been in Chrome for a while for those who pay attention to their about:flags)