skyfire did that in the past, and opera mini also does it, the problem is that current opera mini browsers cannot do flash or other animated content when using the compression.
skyfire does it, and because of that, the combination will help make opera a default browser in many low powered phones. (while not as popular in the US, many phone companies around the world still make semi-smart phones where you won't really get any apps but you will be able to text and surf the web and get a few other smartphone like functions.
Other than that, the remote processing stuff is useless for modern high performing devices