Oh, wow, it's indeed nice (even though it's more like TransMeta's x86 implementation than a silicon-level design!) Reminds me of the efforts to implement the Japanese SuperH(2) RISC instruction set.
(To you: you might want to clarify in the title that this is the VAX architecture they're talking about (since "vax" unfortunately might be confused here with the now-used shorthand for vaccine).)