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A related issue is how fast is the rendered material actually active, that is, scripts and links are usable and so on. Sometimes a browser will render at least some visible content but it's not really usable until more is downloaded.
O'Reilly offers a book called "Web Performance Tuning" which examines browser speed testing, but most of the book is server side tuning, if my memory serves well. However, it might offer you some directions if you can get your hands on a copy/
This is not quite what you were asking for, but javascript benchmarks have been around for awhile and they might give you some idea. For example, my IE 6.1 beats the pants off Opera 7 on this page, but I doubt its a great "real world" example.
[plaza.harmonix.ne.jp...] (I have no idea who wrote that, it just seems to work)
or here [home.netvigator.com...]
here's a very informal test using a standard file from the java sdk [loudthinking.com...]