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This 3D javascript demo is running in software mode. Meaning it doesn't use the GPU at all and its entirely CPU based!
After this new update they have added the beginnings of openGL-ES which will later on let them utilize the GPU. With GPU support you'll see games/3D app's that will look just as good as the Iphone, and you'll even get shader support, which is something not even the Sony PSP has. The Pre has a POWERVR SGX which should have: pixel, vertex, and geometry shader hardware built in.
Source:
en.wikipedia.org/wiki/PowerVR#Series5_.28SGX.29 < copy and paste :P
Anyways with this kind of hardware you could really open the door for any sort of 3D programs or games. I actually program shaders on current GPU's in modern PC's, and I cant wait to try out some of this stuff on the Pre after they release full GPU support. 
-Toaster
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