Good luck to ICube.
I reckon its success chiefly depends on how they can sell the architecture to some big Chinese telecom OEM's, like Huawei and ZTE. If they can make it as a "State will", it definitely will succeed. Remember TD-CDMA and TD-LTE? All the major telecom OEM's are licking their ass.
It may not be necessary to even use the byte code -- parse the source then design hardware that evaluates the if clauses and does the appropriate assignments. I have done it for C statements. Also, using the byte code pretty much is done by a JIT compiler at run time so why can't they write a new JIT for their architecture and use existing compilers?
I don't think marketing is such a serious issue here.
The primary issue is the competency of the team behind this project and the supporting infrastructure available to them in China.
I said earlier however that economic and political issues were part of the equation. In that respect it might be worthwhile reviewing Andy Grove's take on the subject: http://www.citizenstrade.org/ctc/wp-content/uploads/2011/05/20100701_howtomakeanamericanjob_bloombergopinion.pdf
Not only that, but because existing architectures are indeed well established they need to show a compelling benefit to dislodge them. A few tens of percentage points will not suffice. Grove's Law would postulate they'd need around 10-fold improvement to disrupt the incumbents.
"ICube claims ... power-efficiency and cost-efficiency advantages over the established architectures". This is easy to claim but requires data to substantiate. I will, as the saying goes, believe it when I see it. (And I don't just mean the PowerPoint!)