The benchmark that came out when V8 first hit the scene that showed V8 being 1000% (or whatever) faster than other engines was heavily weighted towards favoring engines that were good at recursion. If your code uses a lot of recursion, then V8 might give you a significant advantage, speed-wise. For "real world" (currently, at least) web stuff, SquirrelFish Extreme seems to be the hands down winner at the moment (see my blog post on the topic for the results of my own, informal testing).
As others have pointed out, ease of integration and quality of documentation might prevail over pure speed. It don't mean jack if you don't ship!
