Every now and then I see a new comparison of the Swift/ObjC dispatch assembly. Now imagine — that could be a single opcode. Or the dispatch table could get pinned to a particular cache. Or it could be other micro-optimizations that they are in a unique position to exploit with full control of the language, compiler and chip.
I have no idea how feasible these things might be or how much of a gain it would create, but they can look through their corpus of LLVM-IR and identify hot-spots where a new opcode would speed everything up by some margin.
But I believe we're (hypothetically) talking about ARM, not x86, code.
I've never seen anything quite like it since. About the closest I've seen is the way that Thumb code can be integrated with native ARM code, and that's explicitly just a different instruction encoding, rather than a separate ISA.
So apple was working with something north of 3x the raw performance, its no wonder that most people with older macs that weren't anywhere near the performance of the 840AV thought the powermac was incredible.
Wiki for QuickTransit seems to think that a number of prominent people from Transitive hopped to ARM and Apple (which might be telling, given the claims of the original post), but has no citations.
They do indeed support LLVM IR target(s) that are, in fact, much more architecturally-nonspecific than PNaCl, namely the spir[64]-unknown-unknown target. See https://github.com/KhronosGroup/SPIR and /System/Library/Frameworks/OpenCL.framework/Versions/A/Libraries/openclc (on a Mac, since 10.7).
I don't know if bitcode with this target triple is necessarily suitable for the Apple Watch, however.
Things Apple can do with bitcode: Produce binaries optimized for different ARM processors. Reoptimize with new versions of LLVM as soon as they are available. Use a big database of LLVM IR to tweak optimizations. Keep some optimizations secret and not even publish binaries doing them.
The biggest argument IMO that speaks against an Apple ISA is that they would have to rewrite tons of hand tuned assembly code.