What is this obsession with some virtual machine being the one, true byte code? The Java Virtual Machine, the CLR, Parrot, whatever. Give it up.
I agree with Steve Vinoski...
The fact that it runs on its own interpreter, good; otherwise, the reliability wouldn’t be there.We need to get over our thinking about "One VM to bring them all and in the darkness bind them". Instead we should be focused on improving interprocess communication among various languages. This can be done with HTTP and XMPP. And we should expecially be focused on reliability, deployment, starting and stopping locally or remotely, etc. XMPP's "presence" provides Erlang-process-like linking of a sort as well.
With Erlang's JInterface for Java then a Java process can look like an Erlang process (distributed or remote). Two or more Java processes can use JInterface to communicate and "link" reliably and Erlang virtual machines and libraries, save this one single .jar, do not have to be anywhere in sight.
To obsess about a single VM is to remain stuck at about 1980 and UCSD Pascal's p-code. It just should not matter today, and certainly not tomorrow. The forest is now much more important than any given tree.
Pay attention to the new JVM from IBM in support of their lightweight, fast-start, single-purpose process philosophy embodied in Project Zero. It's not intended to be a big honkin' run everything forever virtual machine. It will support JVM languages and the more the merrier in the sense that such a JVM will enable lightweight pieces to be stiched together dynamically. However the intention is to perform some interprocess communication and then get out of the way. Exactly the right approach for any virtual machine.
Jini clearly is *the* most important thing about Java, ever. But it's lost. Gone. Buh-bye. Pity.