Relative to LLVM, I mean. I don't think there are any huge red flags with regards to BEAM.
But even with a JIT compiler, LLVM doesn't provide the kind of runtime services (e.g., memory and resource management) that we would typically associate with a VM runtime like the JVM's. Like their Web site says, "Despite its name, LLVM has little to do with traditional virtual machines, though it does provide helpful libraries that can be used to build them."