It is possible today to have modules import memory from the host, which means the host can provide the same imported memory to multiple modules. Then modules can pass pointers to each other without needing any memcpys.
It does require the modules to not tread on each other though, such as by requiring them to have distinct static offsets (poor man's linking), or by requiring them to be PIC / compiled with relocation info so that they can be relinked by the host loader.
It doesn't seem to me from reading TFA that this is going away, merely that there are planning to add alternatives to make it more fine-grained.