Just as a point of fact, javascript -- at least the v8 implementation I'm most knowledgeable of -- doesn't "keep the entire context alive forever." Only variables used in the closure are allocated into the closure (i.e. on the heap), the others are allocated on the stack and disappear as soon as the function returns.
I don't use iTunes so can't read their book, but I wanted to ask: you say that ARC is still their GC strategy, correct? So reference cycles are still an issue? I'm surprised at this. I can see reference counting being a strategy for moving a non-GC'd language to GC (like Objective-C), but to start a new language with that constraint is surprising.