Chakra is still alive and well in IE10, and will be part of the one HTML5 browsing engine that will power both the Metro-Style and Desktop in Windows 8 and Windows RT. (It also will power the version of IE10 that is coming for Windows 7, as far as I know. There have been no publicly-released test builds from the Softies of IE10 for Windows 7 since Platform Preview 2 a year ago, but supposedly this product is still coming.)
According to the latest IEBlog posts, Microsoft has been honing Chakra in some major ways since IE9.
To get these kinds of apps to run even faster, here's what the team said it did:
I'm curious to hear what the IE team is doing on the Windows Phone front, going forward. Rumors from earlier this year pointed to the IE Mobile team using a proxy server to deliver pages more quickly in IE10 Mobile on Windows Phone 8 devices. Yes, seemingly like Amazon is doing with Silk....Browser as a service, anyone?