@felix9: Did you watch the presentation, well, listen too? ☺
It is not a virtual machine. That's the point.
In fairness to Felix9, the slides do say, "Like VM design, but with higher-level abstractions and uses fewer resources", and later, "analogous to VM host/guest interface, but with higher-level abstractions - threads (not virtual CPUs) - virtual memory (not physical memory) - I/O streams (not virtual device hardware)." So, yeah, it's not a VM ... but it's sorta kinda like one. Since we don't have much else to compare it to. It sounds great though.
EDIT: No, I haven't watched the presentation yet, I just went through the slides.