Well, actually, the E4GT and the Photon are, of course, IDENTICAL in how Android works on them. Both have GPUs (and whether the E4GT's is so much better is open to debate) that are utilized to whatever and completely equal extent in drawing the UI. Yes, the E4GT's processor is clocked higher than the Photon's, but they work exactly the same way as far as the UI is concerned.
Note that the Tegra 2 is NOT a "processor," it's a system on a chip (SoC) that incorporates a CPU (Cortex A9) and GPU (ULP GeForce), just like the Samsung Exynos is an SoC that incorporates a CPU (also Cortex A9) and a GPU (Mali 400). The E4GT is a bit faster than the Photon (largely by virtue of being clocked higher and for using the NEON instruction set, which matters most for video), but that's not because the E4GT does anything fundamentally different than the Photon (except for processing video playback more efficiently, but that's unrelated to the question at hand). Then again, the Photon's Tegra 2 is also pushing 30% more pixels than the E4GT's Exynos, and so that comes into play as well.
That said, I experience zero lag in the homescreen. At most, you can say that Moto did something with the transition code that makes panning from one homescreen to another a little less "smooth," but that doesn't seem to be a function of the hardware. As stated, put on a different launcher and it's perfectly "smooth." However, it's not actually "laggy" for me, which I would define as unexpected and inconsistent slowdowns.
One could just as easily say that the E4GT is choppy when opening and closing apps, transitioning from portrait to landscape, etc., while the Photon is really smooth. That would be largely the effect of Moto's transitions, however, which really are nice and smooth compared to Samsung's abrupt transitions. It's clearly not, however, a function of processor speed.