Thanks for the support, but that's not what I meant. NaCl + Pepper is like a VM where the compiler does the heavy lifting so the native code can run safely (Software Fault Isolation, SFI -- wild pointers lead to a safe non-exploitable crash), rather than a JITting or MMU- or hypervisor-based VM doing the heavy lifting at runtime.
It's quite clever, but still enough of a new thing that Chrome also sandboxes NaCl'ed code out of process. Belt and braces are good. No silver bullets.
But a VM is as a VM does. This is part of Google's VM-set and not any other browsers. The rule still applies.
Truly unsafe native code in plugins (e.g., un-NaCl'ed Flash) runs out of process too, and sandboxed to some extent, but it can cause problems that are not contained (and did at the last CanSecWest Pwn2Own contest, IIRC).
And this is the argument he's making: that does not fly by browser vendors. They DON'T want to have code run OUTSIDE their VM/GC.