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Comment by Hates_ | Hacker News Reader

It's using CSS animations.

  animation: spin 2s infinite linear;

For me the spinning wobbles on Chrome 23.0.1271.97 and doesn't work at all on IE9 despite the site banner claiming IE7 support?

There's a disclaimer about lack of support for css3 animations in IE7-IE9 further down the page

I think that the refresh icon is designed off-center causing it to spin off of its axis.