Only partly so. He's exploring various ideas in language and VM desings, which is interresting per se.
But one of the goal of the project is to get a fun, fast and dynamic language to run on embedded processors.
It would allow one of the goals stated in the Little coder's predicament: having an newbie-friendly environment that produces code runable on game consoles (though you'd have to create suitable libraries too for that to happen...).
Maybe I'm reading too much into it, but I think it will be added to Hackety Hack sooner or later (if I remember well, he stated once that more languages would be added. The first lick sample hints to that too).
