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For me Forth is mainly about compression. Starting point is simple (VM or hardware), then the language pushes the programmer towards writing highly factored code. This takes extra effort btw: it's hard to write a good Forth program, but in return you get a small program.
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There is room to move Chuck's ideas into today's "meta heavy" world, and I think he's right to push this into the hardware realm. Gut feeling is that these ideas make most sense at the level of HW/SW co-design. It's the right time, since FPGAs are so cheap these days.