-_-
Seriously, hardware accelerated context switching is much more of a viable option rather than saying "screw registers, we'll make memory do absolutely everything. To make matters worse, in most languages you can't tell where the pointers are going before you AG them, which results in pointer chasing pain.
Stateless ISAs are interesting, but I seriously doubt the way forward is to make memory do everything for us.
Also, the biggest cost of context switching is not in the register file migration, but in the flushing of the TLBs, look to SASOS+VIVT to address that, not whatever this is proposing.