Hardware acceleration hits Fennec for Android, aka Firefox for Mobile
It's off by default, but a quick blast over to about:config will reveal layers.accelerate-all, which should be set to true to enable OpenGL acceleration. After a restart of Fennec, you can check whether you've managed to successfully enable OpenGL by going to about:support and looking for 1/1 OpenGL in the 'Graphics' section.
The latest Fennec nightly builds can be downloaded from Mozilla, but hardware acceleration isn't supported on all devices at this stage. Users have reported mixed results in the comments, so proceed with caution.