Re-reading my post, I'm really sorry if I sounded condescending, it was never my intention, I just got a bit side-tracked by the comparison of a Laptop chip with a mobile chip.
No probs, and yes, it looks like it could certainly do with more optimising. But it's a first generation device, and is fantastic. It just needs some tweaking

With the MS Exchange/Enterprise stuff soon coming, I think Apple will really need to speed the thing up - I can't imagine business users liking having to wait for the calendar/calculator to come up or register their input, etc. They're used to it being a lot more instant, even on their crappy Windows-based devices.
Mark,
I say this with the same respect as the other poster, I don't think you understand the underlying technology required to process a webpage. It isn't as simple as streaming bits that represent text. The biggest bottle neck to TCP/IP traffic has always been the processor due to the huge amount of overhead it takes to process packets. This is especially the case when you have dropped packets and out of order packets (which are prevalent on this type of network). What's happening in the background to get that data to your screen is very complex.
To learn more about TCP/IP:
http://en.wikipedia.org/wiki/TCP/IP
My complaints aren't just about Safari - they're about the whole device, which is full of delays when trying to do only very simple things (open an SMS, open calendar, add a calendar appointment, open the calculator - all things I could do instantly on my old Windows Mobile devices), as well as Safari.
To be honest, I'm not too bothered about the underlying technology, as most users aren't/won't be. All I know is that Apple has said this is "Mac OS X in your pocket", which it is, but if it compromises too much on basic things like speed, there's really got to be room for improvement to live up to that claim. A ~600MHz processor - in a device that Apple clearly wants in everyone's pockets, to also be used by BUSINESS users where speed and efficiency is the key, and time is money - has got to be capable of displaying a simple webpage quicker than it is now, which is currently much slower than even a modest/low-spec laptop PC/Mac. Even if I'm sitting in the garden with my iPhone in my hand, I tend to go into my house, up the stairs to the other side of the house, and turn on my Mac, just to do simple web browsing as it is so much faster. This is Apple - I have faith they'll improve on it.
What I don't get is the long delay when starting up the Calculator. It comes up and then a second (or so) later the number shows up in the display and you can start using it. Why is that so slow?
Yep, I get the same delay with most things - SMS, Calendar, and more.
Anyway, sorry for hi-jacking the thread!