Is that correct? If so, it's a very cool idea! (I'd been tossing this idea around for a few months last year, but had trouble designing a non-awful API xP)
I wish there were a way to make the messaging around this idea clearer. I know that audiences are different, and this wouldn't work for everyone. But if the introductory blog post had illustrated the transformation from component tree to data graph, I would've immediately understood the performance implications and how this represents a huge paradigm shift in application compilation.
Instead, though, I thought the pitch was "ew, separate runtime library? let's inline it and then it'll be smaller", which seemed misguided. I had to reverse-engineer Svelte's motivation from your comment—and even now I'm still not sure I got it right. (Maybe this entire comment is wrong? Could be wrong. No idea :/)
Are y'all planning a blog post about how Svelte works under the hood? That would go a long way toward clarifying the pitch, I think.