Lately I've been thinking a lot along similar lines, but have come to a wildly different conclusion about how to do it. Of course, they are explicitly limiting their use-cases so that's to be expected. I generally agree with the idea of a VM that is simple to implement, but I think the result shouldn't look like real hardware with memory addresses and registers and a stack and all that, it should be more abstract and leave more implementation details up to the interpreter/jit.
Regardless, it makes me slightly less gloomy about the future of computing whenever I see more people coming to similar conclusions.