I am doubtful that this minification craze really makes that big of a difference if the JS is sent with zlib compression.
First, white space compresses extremely well, so the reduced filesize that results from minification is probably only a major issue with large libraries such as jQuery (which probably should be served from a CDN unless you need a hacked version).
Seconfly, JS is usually cached by the client so unless you use a lot of different scripts on different pages, most page loads it is not going to make a difference.
The problems with minification and why I do not do it (except with things like jQuery):
A) It strips out comments, so unless you re-add them, things like copyright notices are lost. This could result in a license violation, since even many OSS licenses require the copyright be intact.
B) When there is a problem, it is nice to see the actual code the server is serving just in case it happens to be different than your working copy. Minified code does not do well in that respect.
My personal opinion - zlib compress on the fly, yes. minify - only for really large files.
Performance parsing the JS into the interpreter - maybe if the browser is running on an Apple Performa with 32MB of RAM. I do not buy that it makes a real world difference with most scripts. Pages that are slow are usually slow because of too much inefficient code running at same time or are making too many requests to overloaded servers. (IE do you really need to check availability of username as I type each letter? Can't you check when I change to a different field or when I click submit ??? ;)