1) I'm surprised they let the app through, but after the recent issues with blocking apps for really skethy reasons and the FCC inquiry, I guess they had no real choice
2) It blows safari out of the water speed-wise, gonna have to play around with it to see if it's as stable and robust as Safari, but I might just have found something to replace the default web app
Edit:
-Facebook is formatted differently but significantly faster than on Safari
-Opera Mini 5 seems to have problems opening the touch.facebook.com site
-iGoogle doesn't recognize the Opera browser as an iPhone app so the page is formated the way you'd get it on a BlackBerry or Windows Phone (i.e. Ugly and lackin features)
-MacInsiders loads much faster than in Safari, but only having 2 levels of zoom makes looking at any page not formatted for a mobile device a real pain
-2 Zoom levels is a real pain
-It lacks the controls for form entry (the little black bar above the keyboard that gives you the functions of Tab/Shift+Tab)
-Anything google related seems to suck on it
-Handles ELM better
-Can't do PDFs or Docs so far
Conclusion: Needs to mature before it'll be worth switching to