Of course, the instance of the javascript VM that is running the javascript from the website does not need filesystem access, so it can be, and normally is, sandboxed.
Not necessarily: to be on the Mac App Store, an application must access only files in its own resources (configuration and so on) or through user interaction (open file dialog). If your web browser gets infected, it gets full read access on every file you willfully want it to read. Problem, you cannot have a multimedia player that opens m3u playlist files in this model: see http://mplayerx.org/leave-mas.html
It was - in difference to the snake oil antivirus software sold commercially otherwise since then - also able to protect against unknown threats by creating a security focused virtual machine inside the PC and a sandbox around applications. This was the first VM available for PCs (1995)
The only links still visible that I could quickly find are: http://www.securityfocus.com/tools/803 http://web.archive.org/web/19990117023714/http://www.acrmain...
By they way read also their blog: http://theinvisiblethings.blogspot.com/