I want to add a slightly updated answer:
(I, too, don't work for Famo.us, but I did spend three weeks there working on projects)
While @johntraver has summed up pretty nicely what Famo.us does at the moment, it is important to understand that famo.us WILL support canvas and webGL.
Going deeper into the philosophy of famo.us, it throws away all the tools that HTML and CSS provide for layout and animation. ALL surfaces in famo.us are absolutely positioned at top:0, left:0 and EVERYTHING else is done purely with transforms, that are calculated by famous.
Animations are also done in javascript and don't use CSS transitions or Animations.
The more you think about it, Famo.us has almost no dependency on HTML or CSS, and that is exactly the plan. Famo.us treats HTML as just one of many possible renderers.
They are now working on adding WebGL rendering to famo.us. Essentially, what this will enable is a common API for layout and animation that will be able to render to WebGL AND HTML for the best of both worlds.
So, calculations will still be done in Javascript entirely, but the output may either be surfaces with transforms OR WebGL.
Hope that helps.