Citing a paper from the mid 90s isn't a credible answer in 2016.

All VLIW does is move a lot of on-chip logic off-chip into the compiler. This only works for a small set of computing tasks - which is why the closest thing we have to VLIW today lives in GPUs. And why Itanium was nicknamed Itanic.

It's a non-starter for general computing because as soon as you start dealing with real-time conditions the compiler can't optimise in advance, the speed advantage turns into a speed penalty.