I still have yet to experience any feeling of lagginess on the device.
Anyway, I played with it some more and I feel that while there is definitely some blurriness to the text, it really isn't bad. The lack of resolution is obvious everywhere though. In google maps for example, the street maps just aren't very sharp. And yes, hte whites aren't as white as they should be.
The text reflow still bothers me though. The implementation is just horrible. It screws up the formatting of the site, and sometimes it still wont even get the text to fit in the screen, even after resizing it and reformatting it. On my Pre and the iPhone 4 on the same sites, it just zooms in and even on the smaller screens, the sites are still perfectly readable. I just feel that the whole thing gets in the way more often than it actually helps. I guess if you browse in landscape mode it rarely kicks in, but it is still annoying.
Even more annoying are android apologists who want to stick their fingers in their ears and pretend the phone is perfect.