Thanks Oleg. You confirmed my suspicions. You are right that Flex/Flash performs very well for exactly the type of site you referenced (pixlr.com). I can affirm though, that it does not perform great with text heavy activities - especially if we are talking about RichEditableText with the <span> and <b>, etc - even excluding discussion of load times and such, just runtime performance is flickery, choppy, etc.
I guess I have to master JQuery now, sad... I love Flex.