The Milestone 2's 1GHz OMAP processor makes mincemeat of even the most complex websites. The content-heavy TechRadar home page is displayed quickly and perfectly, with multi-touch zooming around the site an absolute dream.
The fact that the phone has Android 2.2 at its core and a decent processor means Flash Player 10.1 support is in, with the BBC's iPlayer site fully operational and, again, not taxing the phone in the slightest.
The browser is the standard Android WebKit default, with the usual Android 2.2 customisations. The clever button beside the URL stops a page loading and, once a page is there, transforms into your bookmark and history access button.
It's slightly odd that there's no official Google option for syncing your desktop bookmarks with the mobile version of the browser, though. Surely that'd be simple to implement within Chrome?
It's a very good browser. Third-party alternatives such as Opera Mobile 10.1 may beat it in certain speed tests, but on a phone as powerful as the Milestone 2 the only speed limitation you'll encounter when browsing the web is likely to be how fast you can read.