>Python, for one, is plenty usable, and is not fast.
In any environment where I might currently choose to use Python I also have the option to use something else for parts of the project where Python proves to be too slow. Will FirefoxOS provide such an escape hatch?
>JS engines are close to Java/C in speed
'close' is a pretty vague term. For a lot of tasks Ruby is 'close' enough to C that the difference doesn't matter. For a different set of tasks Java is not 'close' enough to C (or C+asm) to be a viable choice and neither is Javascript.
I'd also like to point out that battery life does matter, and using at least twice the CPU cycles for most tasks isn't conducive to good battery life.