The applications of Flash make it a better candidate for native code instead of the performance wreck of a from-scratch JIT-on-JIT solution. I think it's a great demo and probably a useful experiment that can improve the quality of Firefox's JavaScript compilers, but I don't think it's a very serious candidate to replace Flash Player for its most common strongholds (for instance: that simple little car demo runs at 20fps on my machine, which I built last month and has an i7 3770K). And that's really what we need right now.
The excuses to write this in JavaScript are pretty flat. You don't think they can figure out how to make an NSAPI plugin reasonably secure? You don't think they can get the code portable enough to work on multiple platforms? The biggest issue is probably mobile since many machines there use ARM, but Lightspark uses LLVM as its backend, which already supports ARM. I'm confident Mozilla's engineers can figure that out and give us a real replacement for the Flash player.
I don't mean to imply that this project isn't impressive -- it is. But I hate to see them duplicate so much effort for a solution that is, by nature, performantly disadvantaged. We need a serious challenger to Flash Player (we've had enough toys) and Mozilla is in a good position to provide that, so I hope they choose to do so.