Emscripten: an LLVM to JavaScript compiler
code.google.com
code.google.com
Similar project for Flash is Alchemy: http://labs.adobe.com/technologies/alchemy/
One interesting hacks to be build on this would be to optimize the resulting javascript so it can be compressed the best.
It would be much better to have a variety of languages as front-ends and a real assembly language as a back-end.