Compiling a program to bytecode instead of native code enables a certain level of portability, so long a fitting Virtual Machine exists.
But I'm kinda wondering, why delay the compilation? Why not simply compile the byte code when installing an application?
And if that is done, why not adopt it to languages that directly compile to native code? Compile them to an intermediate format, distribute a "JIT" compiler with the installer and compile it on the target machine.
The only thing I can think of is runtime optimization. That's about the only major thing that can't be done at installation time. Thoughts?