The problem I think you might run into with canvas is that it is bitmap based. Therefore scaling up and down after the page is initially rendered will be a problem. Furthermore, line breaks will be painful to deal with potentially. The people who write your site's content might find it challenging to insert line breaks because there is no such thing as a line break using canvas, svg, or vml. In fact you need to pre-compute line breaks. "\n" using raphael.js works, but it isn't great. Furthermore you can't use selectors to target various portions if you in your svg graphics. You may be able to using canvas, maybe.... Canvas probably has a buncha of the same gotchas.
On the image front you will have blurry images if it scales and there are less libraries out there that deal with image resizing for canvas. This may change in the future, but it will still be an ordeal to deal with. I'd just stick with your divs/css3 with jquery fallbacks for older browsers.
From a purely performance perspective, checkout the first comment on your question. It has some nice benchmarks.