Lua has by far the smallest, most portable, easy-to-integrate runtime of any embeddable language I am aware of. JavaScript has good implementations (V8, etc) but they are orders of magnitude larger, more complex, and imposing if you're linking them into your binary.
If this is truly a robust JS implementation, this means that there is now a tiny, easy-to-embed implementation of the programming language that powers the web. This could enable JavaScript to start making inroads in the "embedded language" space, and really become the language of both client and server.
If it can compile to LuaJIT bytecode also, it could also possibly be competitive in speed with other JS implementations, though some of that would depend on how efficient the resulting bytecode can be.
I think this would actually be a cool trend. Having a code-base that can run either in the browser or "natively" is a powerful approach. Though Lua is a cleaner language, JavaScript is a totally decent language if you use it right -- much better than a lot of people give it credit for. Hint: if you think JS sucks because of browser incompatibilities, what you really hate is bad implementations of the language, not the language itself.
Of course another approach to achieve "one language" would be to have a Lua->JS compiler (or Lua->asm.js, or a Lua interpreter in asm.js). But Lua the language is a bit more of a moving target; to preserve cleanliness and orthogonality they sometimes break the language in non-backward-compatible ways.