After this gained prominence I took a hard read of Koopman's Stack Computers: The New Wave intent on writing an interpreter. I sought some optimization properties that would apply to the modern requirements for ILP, OoE and parallelization at low core frequencies -- none are offered. This manifests in WASM, and the criticism was elaborated very well:
http://troubles.md/posts/wasm-is-not-a-stack-machine/> This essentially makes WebAssembly a register machine without liveness analysis, but not only that, it’s a register machine that isn’t even in SSA form - both of the tools at our disposal to do optimisation are unavailable. In a true, optimising compiler we can recreate that information, but WebAssembly was already emitted by a compiler that generated that information once.