AS3, the native language of the flash player is what javascript wants be when it grows up
As a language (i.e. not including the libraries), ActionScript is really just JavaScript in disguise. In fact, it is JavaScript; ActionScript is a variant of the ECMAscript language. As such, the core features of the langauges don't differ much. AS does appear to be more "enterprisey", though.
how about speed; is javascript able to render 3D had a frame rate comparable to say the open sourced as3 papervision library
First off: You're conflating the language with the library, so I'll assume that by JavaScript you actually meant the HTML DOM, and by ActionScript, you actually meant Flash.
Now, to answer your question: No, the HTML DOM does not have capabilities for rendering 3D. I'll have to argue that it doesn't need 3D rendering capabilities. Do you need 3D rendering capabilities to read email or post comments to Slashdot? Both use JavaScript and the HTML DOM, and you didn't need to install anything fancy other than your browser to do it.
what about socket connections; can javascript access the read and write to xmpp like the flash player can by utilizing yet another open sourced AS3 library known as XIFF
No, the HTML DOM cannot. This is a problem, but I think the HTML 5 standard includes a model for "pushing" data to the user agent, so this need will be fulfilled in a later version.
MEDIA yeah; could you tube exist now in a javascript only world;
Again, conflating the language with the HTML DOM.
The answer is, again, no. The new HTML 5, however, will include a standard for playing multimedia.
could you tube exist now in a javascript only world; when will we see that dawn of javascript powered browser based virtual worlds
No, and it will never happen.
You may be thinking: With so many "no"s, aren't you winning the argument? No, you aren't. You've been so drawn into the "cool" factor of Flash taht you're forgetting what HTML is used for - to display web pages. Not 3D virtual worlds, but web pages. The HTML DOM + JavaScript should work to enhance web pages - you can use Flash/Java/Silverlight/whatever for everything else. I have admitted a few flaws of the HTML DOM, but it will be fixed, eventually.
What I'm trying to say this whole time is that developers should use the right tool for the job. The obligatory car analogy is obvious here - an SUV (Flash) can go anywhere (those "virtual worlds" you talked about), but for navigating the city (web pages), a sedan (JavaScript and the HTML DOM) will beat Flash at its own game.
and don't even get me started about reduced development time due to its inherently object orientated nature;
The mark of an inexperienced developer. First off, JavaScript is OO - it uses prototypal inheritance, which is more lightweight than the classful inheritance of ActionScript - lightweight being the key word here. Remember that the languages are being used for different purposes.
it will be a glorious day when the canvas object is supported by explorer
The canvas element also works, to an extent, on Internet Explorer. All developers need to do is use the ExplorerCanvas JavaScript library.
however in the mean time the inbetween time if you want to be on the edge of web based experiences and applications the flash player is still the best game in town;
Sure, if you need to be on the "edge". For everyone else, JavaScript and the HTML DOM are just fine.
Finally, what's with your... "exotic" use of the semicolon? You need to use the period while you're programming as well, you know.