It's not that they're one judgment away from that day. They know that. It's just that they want to get as much mileage as they can before they too abandon Safari and first allow, then switch to Chromium. That will happen in the next 5 years.
What might come of it all would be a reset where new branches form and new innovators get to introduce new proposals. Standards aren't a bad thing if they're open. If Safari dies then Google will be next in the line of fire for antitrust action anyway... things will fragment again. I'm personally pissed at the number of great technologies left as litter along the road, not least AS3, just to get to this shitty middle ground / cold browser war between two companies I hope die and one that won't help itself. Let the standards win and let's have a standard platform to innovate on top of.
webkit is a bit behind in some areas like APIs but ahead in others like CSS