Fun hack but since it relies on JS it's difficult to see why cutting IE8 out makes sense for such a negligible speed up (assuming said speed up actually exists).
It makes sense on paper, but I'd be interested to see actual benchmarks, just to see how much of a speed boost you get with this method. I certainly didn't notice it on my machine (tested against the jQuery UI Autocomplete)
I chuckled after reading the article at the somewhat misleading title. I was assuming it was pure CSS, no JS...and was wondering how the CSS was firing events! :)
This is still pretty neat, IMO, and I like how it emphasizes the "markup as your data model" concept.