Looks a lot like RIDE - execution model is copy based - very much like the original old BSCAL /MetaWrap VM. They even have the factorial demo. I'm very impressd with it - it looks much nicer than anything I have made so far in this area.
Something to aspire to.
[UPDATE]
For anyone who is interested - I have uploaded the original (rewitten) BSCAL interpreter compiler into http://cvs.metawrap.com/cgi-bin/viewcvs.cgi/metawrap/vm/BSCAL/ . A garbage collecting non strict lazy functional language from 1986.