If rendering UI to a canvas fits your needs then by all means do it. Just be aware that when it comes time to localize to other languages it starts getting hard to support things like CJK where in order to properly work there's an Input Method Editor ( http://i.imgur.com/JmmYwyi.gif ) that needs to be able to read the text. There's also cut/copy/paste which users can't do from text on a canvas. There's also "define"…
With that said you could easily build a component library on top of this that renders to DOM or react-native or canvas or HTML (server-side) depending on what your use case is (just use dependency injection to get a reference to your underlying components). This way you can more easily manage these tradeoffs.
I think this project is so, so exciting and awesome.