The Australian developer in question is Nathan de Vries, who has published his detective work in a blog post, one that I fully recommend you read for all the details that he went through.
To give the short version, de Vries debugged and disassembled his way through Apple’s iAds private API framework until he came up with a standard web view object that could make use of WebGL.
Some folks at the Copenhagen Institute of Interaction Design have jumped on the findings and created a WebGL-enabled browser that is linked below:
The real question remaining is: how long it will be until WebGL is available throughout iOS without hacks such as this?
Anyone care to wager when the black box known as Apple chooses to release this feature to salivating masses?