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The canvas API finally gives developers the ability to dynamically generate and manipulate graphics client-side, directly in the browser, without the need for plugin-based detours via Flash and Co. The canvas is especially powerful for pixel-level processing, and I can imagine that canvas-based applications will be pushing the boundaries of what we’ve historically seen on the Web.
However, you should be careful to choose the right technology for the job. Consider SVG before ploughing ahead with your next Awesome 3.0 app. And watch out for the possible accessibility implications.