@Srikanth_t: Have you used IE9? Chrome is not faster. Also, nobody forces managed code on you and it's a myth that managed code is slow... The .NET VM (CLR) is super fast and its GC is one of the world's best. Now, WP7 does not employ the same GC (it can't... ARM "requires" that you use a non-generational GC. Yes, quotes for a reason around requires - it's a really, really hard technical problem that the WP7 team hasn't solved).
So, be clear. You are talking about WP7 (which means Windows CE, the Compact Framework and a non-generational GC). XNA on the phone is pretty blazing given the environment. Silverlight is pretty fast, too.
If close-to-machine performance is your ultimate benchmark, then you know what language/tools/runtime you need to use 
What are you you saying, exactly, again? .NET has to what? Be as fast as Java? Come on...
C
