Lua is already incredibly compact, I agree in that I don't really see what this is solving that isn't already covered by Lua.
I think there is still a niche for something like a Lua/Erlang hybrid where there is a real possibility that the VM will run high level code units on multiple cores.
The other thing missing from Lua and LuaJIT which would be nice in future VMs would be support for SIMD vector optimizations.