Hi
I suggested a few Etoys projects for Google Summer of Code 2012.
I think they all would be beneficial for Etoys if they get done. 

http://gsoc2012.esug.org/projects:

Get Etoys image to run on CogVM

http://gsoc2012.esug.org/projects/etoys-on-cog

Port OpenQwaq video to Etoys

http://gsoc2012.esug.org/projects/openqwaq-video

Make web browser plugin of Squeak work better on all platforms

http://gsoc2012.esug.org/projects/browser-plugin

All projects needs a mentor.
I'm not familiar with any VM code and I would not be of much help for these issues.
I will help with in image Etoys issues.

If you could mentor/ suggest a mentor I would appreciate it.

Karl