What you've effectively done is to just skip the naive VM-emulator step, and move to the optimization of dynamic recompilation, where you move the state-transitions and additional semantics from the X interpreter, into the chunks of X machine-code it would operate on. You've still implemented a Y VM; it's just distributed throughout the code output by the compiler.
[For the same reason, I'm planning to port BEAM to asm.js. Why? Because pre-emptive concurrency is just an abstract-machine semantic, and you can get it from a non-pre-emptively concurrent platform using the exact logic above. No more callbacks! (If everything that uses asm.js has Web Worker support, though, they could be used as run queues vis. BEAM's SMP support, leaving the UI thread a lot less stressed.)]