Also, brand new external WASM VMs will be created (as in the OP link), and possibly used in future (or current but new versions?) browsers, again allowing for brand new security holes.
So, I'm not very convinced by this argument as of now.
I don't even understand what this is supposed to mean. Do you mean that a hole in the spec means that a sec vuln would occur in every implementation? Or that 5 implementations means 5 code bases to review?
Either way, it seems like a sentence that is meant to carry weight but is ultimately nearly completely meaningless. N different desktop apps on my computer have N chances for sec vulns. I don't see what that statement is supposed to mean regarding WebAssembly.
So it doesn't share code with a JS implementation in this case.
This project fits in the latter category. It does not claim that downloaded binaries are protected by a sandbox, and the only security claim it makes is the following weak one: “The generated code should be unable to access any memory outside of the addresses allocated to it”.