My limited experience so far echoes this. I'm in the middle of scratching an itch my wife has in such a way that it's useful to more people than just her, and part of that is a mobile application.
Sencha (and jQTouch before it) is absolutely gorgeous; I wanted very much to fall in love with it. On a webkit browser on my desk, it produced visually stunning results.
And then I tried using it with both an iPhone 3G and a G1. Yes, they're old tech, but they're the hardware I have on hand right now to test on (and not exactly uncommon in the field), and performance is abysmal.
I would assume the same tests run against an iPhone 4 or an HTC Evo would blow me away, but my wife has a G1, and I'm building this for her first. :)