So at first I totally agreed with you, which is why I didn't post anything right away. But now that my subconscious has had a day to chew on things, I think I don't agree quite as much.
The really interesting thing about the Mill is that it does away with a HUGE portion of what a CPU does: out-of-order execution (OOE). These days the amount of die space that's dedicated to reordering and dependency checking and the commit engine is substantial, and that stuff really slows a processor down because the thing that are happening at the end of the pipeline depend on what's happening at the beginning. At 4GHz the best-case scenario the wavelength is 75mm, and the 1/4 wavelength is thus 19mm, on the order of the size of the die!
What the Mill does is push the reordering and dependency checking to the compiler so that the hardware itself is "dumb" at least insofar as not doing all the checking for OOE and multiple dispatch, etc. Further since the instructions are ordered as blocks and that blocking is done by the compiler, the processor doesn't even need any logic to assign instructions to functional units; that's done at compile time.
I agree that fast and power efficient silicon is a challenge, but again because they're not mixing execution with reasoning about execution (OOE, multiple dispatch, commit engine, etc) it's much, much easier to make the layout fast. I believe that instructions and data will flow through the Mill in a way that makes regular CPU architects envious.
I still suspect that a huge amount of the delay is due largely to the general weirdness of the architecture; it's not like an x86 to ARM port because those have a lot of the same basic assumptions baked in and the only difference is the instruction and data encoding. On the Mill few of the assumptions are the same and so you might have to re-write a LOT of code to boot a Linux kernel.