> Moreover this bytecode has the potential to entirely supplant native code and can do so with equal or better performance.
I interpreted that part of the talk as hyperbole and sarcasm. It was saying that programmers will be so far removed from how computers work that they'll happily program against a model that has five layers of abstraction that simply serve to provide the original interface of the bottom layer.
Bytecode, by its nature, has to be translated into native code -- the way for it to be 'faster' than native code is to be native code. In software, you can do this with static or JIT compilation. The hardware people do this by changing their CPUs to make the things that people do in the bytecode faster. (Apple introduced new floating point CPU instructions in their iPhones just to make JavaScript faster.)