In my mind, no matter how optimized the browser becomes, it will always be slower than natively-compiled code. And in the 3d gaming world, where the faster code always has the greatest potential for the best game engines, the browser will always lose.
My instinct tells me that there will be a huge push for webgl games, some initial adoption and frameworks, etc. The result will be that web developers will realize how fucking complex graphics engines are (I'm writing one now...nothing in webdev compares to it) and will give up. And I can't see graphics developers in the game industry incentivized enough to fully make the jump to the browser (why would they want to write game code that is distributed to everyone in raw source form?)