Very exciting. The problem is that the current Mobile Safari Browser doesn't support CSS Transforms and Animations. In fact, Apple's regular Safari was only able to support these features with a recent 3.1 release. Webkit betas have supported this functionality since late last year. This means that Apple will likely update the Mobile Safari browser in the upcoming weeks/months using a more recent Webkit engine.
Hopefully other Webkit improvements like speed increases and support for downloadable fonts also make it into the new mobile browser (without any security issues). A likely timeframe for the release would be alongside the iPhone 2.0 OS release in June.