Beu notes a Google Webmaster Help Center document that the following paragraph has been removed:

In his findings, Beu believes that Google is now able to “advance” in terms of how it is able to spider content. It seems, from the removal of that paragraph, that Google is actually able to understand the text on the multitude of dynamic pages.

Previous discussion on this topic is at Google Now Crawling Content Behind Forms, where Google admits to crawling Javascript.

Forum discussion continues at Sphinn.