Also, this isn't just an x86 emulator, right? If it can boot linux, it's emulating the entire PC platform, not just x86. Very impressive of course. But I am interested in a comparison vs jslinux (also not open source).
I had a quick look at the minified source. its pretty hard to decipher (method names have been renamed too), unlike traditional minification which you can recover by just reformatting.
Otherwise yeah, you can just run it through a whitespace-remover. There are also often options on e.g. the YUI compressor: http://refresh-sf.com/yui/ and Google's: http://closure-compiler.appspot.com/home