I think this dude ported papervision from AS3 to javascript. Really awesome!.
Even on my relatively beefy comp, though, the miku animation was enough to get my fan going full blast. Papervision otoh has the potential to build a real, high-quality, 3d game. I don't see JS getting there any time soon, but nevertheless an interesting proof of concept.
Graphics-specific optimizations are probably going to happen, if by that you mean "fixing Canvas so it isn't painfully slow".