Overall, VP8 appears to be significantly weaker than H.264 compression-wise. The primary weaknesses mentioned above are the lack of proper adaptive quantization, lack of B-frames, lack of an 8×8 transform, and non-adaptive loop filter. With this in mind, I expect VP8 to be more comparable to VC-1 or H.264 Baseline Profile than with H.264. Of course, this is still significantly better than Theora, and in my tests it beats Dirac quite handily as well.
In terms of decoding speed I’m not quite sure; the current implementation appears to be about 16% slower than ffmpeg’s H.264 decoder (and thus probably about 25-35% slower than state-of-the-art decoders like CoreAVC). Of course, this doesn’t necessarily say too much about what a fully optimized implementation will reach, but the current one seems to be reasonably well-optimized and has SIMD assembly code for almost all major DSP functions, so I doubt it will get that much faster.
I would expect, with equally optimized implementations, VP8 and H.264 to be relatively comparable in terms of decoding speed. This, of course, is not really a plus for VP8: H.264 has a great deal of hardware support, while VP8 largely has to rely on software decoders, so being “just as fast” is in many ways not good enough. By comparison, Theora decodes almost 35% faster than H.264 using ffmpeg’s decoder.