That script has improved my Droid's performance dramatically in most circumstances (it seems to adversely affect Opera) but I can still cause it to lag sometimes. This is going to be an issue on ANY mobile device with more than the most minimal degree of multitasking. This is especially inevitable when you look at how many Android apps want to run a background service. Having barely minimal multitasking, it is not surprising if iOS lags less frequently. Whether that's a good trade is open to question.
I suspect that Google mostly leaves memory optimization tweaking up to manufacturers and carriers--which these then proceed to not do. You can only get so far with generic universal settings.
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I think Google should somehow bake the memory optimization into the OS though, but yeah it'll never happen. The supercharger script doesn't eliminate all lag, for the reasons you've stated, but it definitely improves performance. I haven't played with an ICS device yet obviously to know how bad it is, but lag is something I've come to expect from Android, and its not a make or break thing for me.