In effect, this means that webOS has almost all the drawbacks of working with HTML5 (no static analysis, performance often difficult to predict, etc.) but none of the benefits (cross-platform, ability to use CoffeeScript or GWT or OCaml or any other language that compiles to JS).
By opposition, Firefox OS apps are cross-platform, can be developed with any tool, etc.
edit Yes, it is possible to write apps using standard HTML5 for WebOS. What is impossible is to write apps using standard HTML5 for WebOS that take any advantage of WebOS (sending SMS, receiving phone calls, etc.). By opposition to Firefox OS, in which even SMS, phone calls, etc. are based on open standards.