My Touch Safari isn't even close to as fast as my iMac or Macbook, I don't know what the rest of you are seeing. It's decent, but trying to render a modern webpage on a 400mhz processor is never going to compare to a real computer.
Plus, it doesn't seem to cache pages. When I press the back button, I gotta wait for the pages to load again.
It's totally usable, but to say it's "fast" is an overstatement.