My results are very, very different from yours, Michael.
I built the entire X stack on Fedora 10 + Rawhide from fdo git master as of December 19th or so. I then modified xorg.conf to use UXA. This is the crucial bit to enable DRI2, which is really what your system should be testing. The situation with GEM before DRI2 is a sort of "ugly stepchild" partial integration of the full solution.
I'll be posting a similar test to yours on my own blog shortly, reflecting my own perspective on the state of the Intel drivers on a GM965 today. I'll be comparing Fedora 10 + Rawhide + git packages from source, GEM + UXA + DRI2, with Intrepid 8.10.