Web browsing comparison can be seen in the video attached below.
If you have ever used Pocket IE on Windows Mobile 6.x, you will know how painful it was. Internet Explorer on Windows Phone 7 has surely come a long way, and considering that this is still a test version of OS running on a prototype hardware, it does a pretty good job against both iOS and Android. I am personally really looking forward to first of Windows Phone 7 devices when they hit the shelves in a month or two time. What about you?