The mobile devices used in the test are Nexus One, iPhone 4 and iPod Touch - While canvas performance on the new iPod Touch and iPhone 4 is unbelievably at 22FPS in rendering simple animation, the Nexus One put-up a decent 40FPS.
Flash Player v10.1, blows HTML5 out rendering 57FPS on the Nexus One - with all tests done by benchmarking in-browser performance. However, native applications using Adobe AIR for Android yielded even better performance.
In as much as the current test-run may hold some water, given that the HTML5 standard is still very much evolving, performance will definitely improve. Even as HTML5 have been proven to be better suited for basic video and simple transitions.