If you really want a VM, it already exists. It's called JavaScript, assembly language of the web.
I would hate for sites to start saying, "Requires the PyJSVM v0.8 or better to function, download it now!"
EDIT: in hindsight, this post was careless. I was wrong about the "PyJSVM" point, and I posted the minutewithbrendan link to provide commentary, not "Eich said it, so it must be true."
What I should have said:
JavaScript is so widely used today, that anything that comes along purporting to be better (such as bytecode, Dart, whatever) must be so much better as to provide a clear reason for developers and users. If it's just "better", then JS will remain dominant because it's good enough. Therefore, it makes sense to target JS from other langs. It's definitely not getting slower, and we're on the cusp of some great APIs!