John Resig just posted on some of the problems and a proposed solution for the current sets of public JavaScript benchmarks. It's well worth a read and even a mostly non-technical person like me got through it just fine and came away much better informed.
One thing did strike me, though, as I read through John's post. John talks about Apple's SunSpider, Google's V8 Benchmark, and Mozilla's Dromaeo. Where are Microsoft and Opera in this game (besides falling way behind, I mean.) Why haven't they put their JavaScript benchmarks out in the public space so we can all benefit the way Apple, Google, and Mozilla have?
Is this just another case where open source proves superior? You've got three open source projects all developing JavaScript engines with public benchmarks and lots of public discussion and idea sharing. And you've got two closed and proprietary companies developing JavaScript engines completely in secret without public benchmarks or any sign of public conversation.
The open source engines are rockin' the speed game and the closed engines are falling very far behind very quickly. It looks to me like the closed and proprietary guys just can't keep up.

Photo "No longer rocking" by Gary Simmons used under a Creative Commons license.
It's actually a shame that they're falling so far behind. It would be helpful for the Web if the IE team was able to make some serious JS improvements for 8 and whatever comes next because there are still a significant number of users stuck on Microsoft's technology.
Their falling behind won't completely stop the Web from moving forward though. There's enough momentum behind the truly modern browsers, Firefox leading the way with 20% of the market, that the Web will get better without them.
IE market share will continue to deteriorate, probably at a somewhat faster rate, as users flee for a better experience. And MS will no doubt slow things down at least some so I really do hope they improve. The less of a drag they are the better.