HMTL5 + Image Processing?

Apple has posted a page on their site showcasing the possibilities of HTML5. The typography features are very welcome, as I have always hated the font possibilities and workarounds in HMTL. But what got me exited was this demo on their safari developer page.

I wasn't expecting image processing as a possibility with HTML5. Added to this other project smokescreen, I'm starting to wonder if flash will become oldschool. Will definitely have to look into HTML5 this summer and see if I can find some fun in creating webpages again!