i think that firefox OS will do to the smartphone ecosystem what github did to open source contribution revival. not having to touch the OS guts, and just scripting against some additional APIs is a huge win for simplification to the whole hacking process.
the mozilla-specific stuff will start proprietary like android, but all of their work is submitted for standards adoption and is almost certainly needed in one form or another.
Yes, JavaScript has come a long way with the latest engines. However, it's still a long ways away from being competitive with iOS or Android NDK Apps. Even Mozilla's poster child for the potential of HTML5 in 3D gaming, Banana Bread, is 4-10x slower than its native counterpart Cube 2.
I for one am looking forward to it, though the lack of apps compared to the other two dominant ecosystems will be a problem.
If you want to contribute back, Google has been good about accepting patches into its AOSP project. For patches they won't accept, there's always CyanogenMod.
"JS engines are pretty fast" Good enough for simple text based apps and casual games, yes. Modern 3D games, not by a long shot. Native code, NDK, or Java under HotSpot are the only decent options creating for modern responsive 3D games.
You can track the implementation here: https://wiki.mozilla.org/WebAPI