PC World has tested the performance of Android browsers Fennec (Firefox 4), stock browser Android 2.1, stock browser Android 2.2, Dolphin HD, Opera Mini, and Skyfire 2. The conclusion of the results may surprise you. The overall fastest browser seems to be Skyfire. The extensive feature offering in this browser however makes it a bit unstable. However, if you are unable to install Android 2.2 for flash support this may be your best alternative. The browser makes use of server side compression that also compresses video. The video is then streamed to your device in a mobile friendly format that will result in being able to see the video and most of the time negating the need for Flash support at all.
Opera Mini is a solid performing rockstar on almost any platform, and Android is not an exception to this, the browser however was a little sluggish in testing. It loads previously visited websites much better, so if your a creature of habit looking for a stable browser this one may be the best choice.
The only real advantage that we see with the Android 2.2 stock browser is Flash 10 support. Other than that the browser is a little faster than the Android 2.1 stock browser. When you have the option available the Android browsers are very stable, but lack a little bit in speed, and seem to be lacking in the feature department when compared to the other browsers.
Fennec seems to be the slowest browser at the moment. While Fennec uses server side compression like Skyfire, but seems like they haven't quite gotten all the bugs worked out of the data transfer between their servers and your device. I look forward to future versions of this browser performing much better.
Currently my vote is with the Android 2.2 browser, or using the Android 2.1 browser in tandem with Skyfire to have some form of video support.