So we're basically both right, but I was wrong in my initial assessment. Their crawler doesn't give them the page speed metrics, they get it from their toolbar data:
Page load time is the total time from the moment the user clicks on a link to your page until the time the entire page is loaded and displayed in a browser. It is collected directly from users who have installed the Google Toolbar and have enabled the optional PageRank feature.
http://www.google.com/support/webmasters/bin/answer.py?answe...
Also, you can see that Google is running JS and loading flash by looking at the Image Preview that appears when you search.
[1] "This page shows you performance statistics of your site. You can use this information to improve the speed of your site and create a faster experience for your users" http://i.imgur.com/Jfz8O.png