For the curious,

  <embed id="likeagsix" src="http://www.youtube.com/v/GvgJEznqtms?version=3&enablejsapi=1 type="application/x-shockwave-flash" allowScriptAccess="always" width="640" height="390" style="position:absolute;top:-390px;">
    <script type="text/javascript" src="/static/js/jquery.likeagsix.js"></script>
    <script type="text/javascript">
        $(window).likeagsix(
            function now_Im_feelin_so_fly() {
                document.getElementById('likeagsix').playVideo();
            }
        );
    </script>

and some other associated JS: http://www.zerocater.com/static/js/jquery.likeagsix.js

I don't see this trend picking up beyond the scope of web applications for some time due to one simple problem: search engines. A large amount of content on the web is still meant to be openly consumed and found, and until search engines are able to run the resultant JS to generate the page, any sort of content-generating website will need to be able to render the pages as HTML. This client-heavy paradigm fits perfectly for "applications", but for now I don't think it can pervade elsewhere--unless someone's come up with a solution to this I'm unaware of.

Even when Googlebot becomes Chrome, I don't know how it will make sense of the Ajax content fragments and component-based UIs. I think in the short term most people are simply going to build their sites twice: once as a JS-heavy interactive app and again as a bare bones HTML app that will index well.