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"Then for all intents and purposes its worthless. If you need a bunch of plugins to make it work? Then it is NOT web based, anymore than some big flash/silverlight/.NET mess is web based. Its a client based app with SOME web elements."
Well, I understand your point. However HTML/js absolutely sucks at rasterization and highly interactive interfaces at the pixel level. Technically it can be done, but it absolutely crawls even while pegging the CPU to 100% on a modern computer.
The whole OO interface could be re-implemented on top of HTML object primitives, and would be much cooler in my opinion too. However that doesn't seem to be the goal here, which was merely to project the desktop UI into a web browser.
I wouldn't worry about that too much, it is just a first version.
They can optimize as you suggested in newer versions.
For now, they can make it work with pretty much any GTK application. That's pretty cool.