It says 'LLVM style intermediate code'; why not actual LLVM intermediate code? What would be the reason for an alternative? If it would be actual LLVM code it would be easier to compile from programming languages and to different backends, right?
TL;DR: a lot of thought went into it :)
https://groups.google.com/forum/#!msg/llvm-dev/lk6dZzwW0ls/J...
It's quite smart to write a LLVM backend and frontend for a custom (compact) bytecode.