I mean, with asm.js and the copious amounts of compile-to-Javascript languages available these days, Javascript is already becoming a de facto bytecode for the web. But it's always been a weird and uncomfortable hack done for the sake of backwards compatibility: a higher-level language hijacked to work as a compile target, simply because it's the only thing supported by browsers.
If projects like this Emterpreter catch on, though, it allows for a smooth path to proper bytecode: for backwards compatibility, you have the Emterpreter read and execute the bytecode, but in other, more modern browsers you have the browser execute the bytecode directly. I think this would be an overall better approach than what we have now.