More precisely, a number of targets are supported, WASI would be just one.
> Generally BEAM is understood to be slower of the big runtimes (compared against Java, CLR, Go and often V8/Javascript). FireFly claims to be faster, and smaller in compiled form than current interation compiled against BEAM.
The point is that by placing some restrictions on what is possible at runtime (specifically by removing the possibility of hot code loading), we can do whole program analysis and thereby do much more aggressive forms of optimization and dead code elimination across compiled applications _and_ the runtime they link to. It isn't guaranteed that such programs would be faster (though I suspect in some cases they would be), but they almost certainly should be smaller, which is important for Wasm, and other constrained targets.
> How that plays with actor model and preemptively switched lightweight processes is a mystery to me too.
It makes no difference, you can implement all of that with identical semantics from the perspective of the developer, the strategy used for compilation is orthogonal to those features, though naturally the implementation details are tightly integrated.