Transcrypt seems to maintain a closer correspondence between source python and javascript, making debugging perhaps a little easier. But it doesn't look like it brings anything significantly new to the table.
Sorry, it may be readable, but it's not good JavaScript code. It would be much better for it to output optimised JS the way Babel/Coffee do.
Edit: Within reason. Anything involving the sys module is out, since there's no system to back it.
There's also the fact that everything is still, at the core, pure javascript. For example you can't print("string" * 10) or even iterate over a dictionary.
I'm not saying this to put down the project - I am very interested in it - but it cannot parse pure python, and that isn't the goal of the project.
You're right, it's not there yet, and I'm interested in it for purely theoretical reasons (I personally don't think I'd ever use Transcrypt for anything in production), but I think it holds great potential.
[1]: https://github.com/pybee/ouroboros/tree/master/ouroboros
1: http://transcrypt.org/
Edit: Shouldn't have said virtual machine, I meant a large runtime, though obviously a few implementations do have a proper VM.