This has interesting consequences such as retargeting anything from the frontend to anything on the backend. I'd venture a wager that in the old mainframe days, the monolithic nature of a JIT would not have been friendly to a porting campaign.
On OS/400 all executables are bytecode (TIMI) with the JIT on the kernel.
When AS/400 changed processors, the programs continued to execute as always, no change required. All languages got the new processor for free.
Any compiler that targets TIMI, gets OS/400 support for free.
However here are some links about OS/400, nowadays known as System i.
http://koeln.ccc.de/ablage/as400/as400concepts.xml
http://de.slideshare.net/tvlooy/introduction-to-the-ibm-as40...
A story about the two times TIMI actually changed:
http://www.itjungle.com/tfh/tfh082007-story01.html
Some Redbooks about ILE, which sits on top of TIMI
http://publib.boulder.ibm.com/iseries/v5r2/ic2924/books/c415...
http://publib.boulder.ibm.com/iseries/v5r2/ic2924/books/c415...
All of them can be found at
http://publib.boulder.ibm.com/iseries/v5r2/ic2924/rzaqhindex...
While LLVM is a great compiler toolchain, it is no different than many other JIT/AOT frameworks since the old mainframe days.
What you are suggesting is how OS/400 is adapted to new CPUs.