From what's in the post, we can't tell if the interpreter is 128× slower than optimized code while Sparkplug code is only 32× slower, or the interpreter is 32× slower and Sparkplug code is 16× slower, or the interpreter is 32× slower and Sparkplug code is 4× slower (which is my guess as to the reality of the situation.) I'm more interested in this is-it-4×-or-32× question than the possibility that microbenchmarks might misrepresent a 32× slowdown as being a 48× slowdown or a 24× slowdown.
https://docs.google.com/document/d/13c-xXmFOMcpUQNqo66XWQt3u... does offer more performance numbers, but they're for "an early prototype", and more importantly they don't break out the compilation speed vs. the execution speed.
The description in the post makes it sound like Sparkplug output is pretty similar to direct-threaded Forth code, just a sequence of subroutine calls to other methods and implementations of primitive operations, interspersed with the occasional open-coded primitive (=== maybe) and control flow. And typically that means an overhead of around 4×, although maybe it's more with JS's aggressive implicit coercions and whatnot. It sure would have been nice to see some disassembly listings, too.