Anyone with any experience in the field can come up with an instruction encoding structure that produces more instruction level parallelism in theory. It's usually a simple mental exercise to determine that such a CPU isn't implementable in the "real world." That's exactly what is happening here with Mill except they have really dived off the deep end and do so much handwaving that it's hard to tell exactly how mill is supposed to work.
Take branch prediction: Last time I checked they wanted the processor to load what they described as an "exit table" associated with a module of code that serves as a branch prediction unit. The problem is that this doesn't work at all. You can't have a CPU load a separate data structure that replaces its internal state like this.
First off, this is way too complex as a piece of front end logic for the processor. Trying to access this as code is running is basically impossible. Secondly, A branch predictor has to produce a prediction immediately, you can't just handwave and say you will ask an internal data store structure to produce a result. Their description of this is that it is in some way a "hash table" (http://millcomputing.com/wiki/Prediction). That's really interesting because you would never ever want to implement a hash table in a CPU. Either a) they described it analogously as acting like a hash table; which doesn't make a lot of sense here in a technical description b) they really want to implement a hash table lookup as a branch predictor which be horrendously complex and would never work latency wise or c) they are are calling an associative cache a hash table. They also want to somehow update this "hash table" with a correct prediction on a mispredict. So somehow the processor will update a separate data structure (using a hash table lookup) every time there is a misprediction. Which again, doesn't work latency wise.
By the way, all of this somehow has to be loaded and unloaded seamlessly into main memory.
Notice that there is no description of any advanced logic that is used in modern processors to dramatically increase the accuracy of predictors. I don't even understand how they would possibly implement any of that advanced logic with the branch prediction unit so complex and decoupled from the front end of the processor.
Of course, this kind of compiler driven prediction has been tried before and it doesn't work for obvious reasons. The compiler has a lot less information about the current state of the program than the processor does.
So to recap: they described a feature that doesn't work as described, if it did work would be horrendously complex and wouldn't properly work as a branch predictor and finally doesn't actually provide better predictions at all.
This is basically Mill in a nutshell.