Web browsing was never a very satisfying experience on Windows Mobile, but Microsoft has worked on Internet Explorer and has improved it. There's very responsive pinch-to-zoom support on the LG Optimus 7, and you can have multiple windows tabs at once with no bother.
Hyperlinks are recognised from within other documents. We really like that you can pin a favourite web page to the Home screen so you can get to it quickly. The Smart Address Bar is quite useful, too – it makes suggestions for what you was you are typing, and if the right one pops up you just tap it. It can be a real time saver.
YouTube videos are well within the compass of the web browser too.