LWN covers "The future of Emacs, Guile, and Emacs Lisp"
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Once upon a time, I did some work to investigate putting Parrot into Emacs, and then writing an Elisp implementation of Parrot. I had some promising early results, but the complaints about Guile community being "too small" to handle the load of Emacs' needs probably applies to Parrot as well.
I've admittedly never been fully convinced at RMS' claim that we could compile all other languages down to Guile. I have a master's degree specifically focusing on multi-lingual VMs, and I'm somewhat convinced this is all much harder than it looks.
If I were going to approach this problem anew, I'd see if it's possible to embed Vert.x in Emacs and write an Elisp implementation for Vert.x.
Bradley M. Kuhn at 2014-10-10T16:19:49Z
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Or to turn it around: maybe this also seems more feasible now than it did in the early 2000s: these days Jython and IronPython can run most any Python program, and I think similarly with the ruby-on-vms situation. Early on in the Django days I seem to remember talking to a few companies that were adopting Django through using one of these VMs. Not to mention PyPy... and since Guile's infrastructure has changed significantly to become a more general VM rather than just an interpreter, maybe?
Maybe that means Parrot had the right ideas, anyway! Good ideas tend to swing back around... look at the revival of interest in functional programming, coroutines, etc going on right now!