Because page composition happens now in the GPU instead of in Cairo, we don't need to copy each frame to a Cairo surface (saving a copy) and don't need either to change the pixel format from whatever GStreamer gave us to whatever Cairo wants.
Another benefit of using Clutter-GStreamer is that alpha pre-multiplication can happen in the GPU (implemented as a shader), saving more CPU.
Furthermore (and more importantly), we can use standard GStreamer elements that use the hardware for decoding. Given the proper hardware and driver support, frames could be placed directly where the GPU can find them when compositing the page.