So even though I think that compared to the capabilities of the Flash Player Canvas still lacks a lot, it cannot be ignored since it is now available on most major browsers. As a Flasher I find it especially entertaining to watch how history keeps repeating - browsing Canvas community blogs is like time traveling: plasma effects, l-systems, bitmap manipulations, physics engines, vector drawing experiments, emulators - in short everything that we were excited and enthusiastic about years ago is now being rediscovered, ported or reinvented on Canvas, just like we rediscovered, ported or reinvented things that had been done in Java or C years before Flash. But hey, I actually envy these guys - there is nothing more rewarding and creativity boosting than trying to push a limited platform to the maximum.
So since we are not so different after all, here's a little contribution to world platform peace - Pibeca allows you to use pixel shaders on Canvas Bitmaps. It achieves that by using Adobe® Pixel Bender™ filters which can be written with the freely available Pixel Bender™ toolkit. Those kernels are very small programs who's only purpose in life it is to push pixels around very fast.
So here is an proof of concept which should work on any browser that supports canvas: