One thing that continues to amaze me is that WebAssembly isn't being discussed more outside of the context of the web. Think about it just as a format that (a) is low-level enough to support performance tricks, (b) is fast to turn into native code, and (c) easy to check.

Compilers could stop worrying about obscure/old architectures. Deploying an application onto multiple platforms is no longer a problem. Sandboxing is much simpler. Formal verification becomes possible (the WebAssembly spec actually reads like a spec, unlike the C standard which reads more like a religious text).

I'm so excited about WebAssembly, but really not because of the web.

You and me both. I wrote a backend for the JVM [0] and there is one in dev targetting native [1] (in Rust using an interesting alt-llvm project [2]). I suspect where you'll start to see this really shine is when a popular langauge targets WASM as the primary target and lets second-level backends compile to a specific arch. The other problem is interoperability. Until host bindings come along and the community standardizes on things like string representation and syscalls, many of uses are siloed by the frontend compilers. I think we can do better than libc+posix.

0 - https://github.com/cretz/asmble 1 - https://github.com/sunfishcode/wasmstandalone 2 - https://github.com/Cretonne/cretonne