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As weird as this might sound, I see WebAsssembly more like a portable shared library format than a JavaScript replacement.

That's pretty much what it's supposed to be. Much of the browsery stuff is still supposed to be handled by JS.

On a related note: does anyone know if there's wasm support with ocaml/reasonml?

It seems running reasonml/ocaml under nodejs with wasm (and in the browser) should be a great fit for ocaml modules?