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Here's an article by the Dart team that describes why the JavaScript VM (or the Dart VM) may already be the "Browser VM" you're looking for: http://www.dartlang.org/articles/why-not-bytecode/

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All of their justifications seem to have a language specific VM like the JVM in mind. If you made a strategy of a "platformless x86" approach you might be able to overcome a lot of this stuff.

You might be interest in Portable NaCL (aka PNaCL). http://www.chromium.org/nativeclient/pnacl

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