But having Java bytecode as the actual instruction set architecture doesn't sound too useful. It's true that any modern processor has a "compilation step" into microcode anyway, so in an abstract sense, that might as well be some kind of bytecode. But given the high-level nature of Java's bytecode instructions in particular, there are certainly some optimizations that are easy to do in a software JIT, and that just aren't practical to do in hardware during instruction decode.

What I can imagine is a purpose-built CPU that would make the JIT's job a lot easier and faster than compiling for x86 or ARM. Such a machine wouldn't execute raw Java bytecode, rather, something a tiny bit more low-level.

1. Sun's JavaStation, 2. ARM's Jazelle, ??? 3. Profit!