Could this be used to migrate execution of a single program between two different machines?
I think migrating cooperating processes would be fairly simple, and the big challenge is rather to decide on the right set of tradeoffs.
Agreed. That's a good way to sum it up.
With a read-only operating system that is identical across machines (i.e. NixOS or Silverblue), you would only have to send the dirty pages, too!