Why would SVG make more sense than canvas? Doesn't Canvas use a similar vector drawing model that you find in Postscript, Java2D and SVG? It seems to me that the main difference between the two is that one is an API and another is markup. So what makes SVG more suited for vector games?

I would think needing to have objects for each element in the SVG's XML would be unnecessary overhead, and wouldn't really buy you anything in return.