It runs smooth as butter on my three-year-old 3GS. Smoother than a lot of websites, actually. Are you perhaps using a third-party browser or something? Because otherwise, unless there was a serious regression with the iPhone 4, I think something's wrong with your phone.
It could be due to the retina display. iPhone4 has double the resolution of 3GS. Drawing 960x640 pixels vs 480x320 in canvas is going to have some noticeable impact.