I'm unsure if this is supposed to be something like processing.js that is porting all of vvvv to the browser, or it it is supposed to be porting the vvvv model of programming to the browser. Can it handle the multi-media creation/live interaction settings that vvvv really excels in?
well the live interaction part is a function of design; this doesn't look like it'll be as good for experimenting and creating new patches as your desktop remains, but it does look like a great way to get some of the cool stuff i've only seen done in vvvv onto the web; previously the only 'output' i've gotten out of vvvv are youtubes, so this is a sea change, and a cool one, for getting the platform of vvvv (which started as a transparent direct x wrapper with a pd like interface) into the wider world of open standards.
i can't speak to the differences between the .js objects, but the difference between the two platforms is in how you interact with your projects.
vvvv is realtime, using WIMP driven interactive patch design. it's more analogous to pd or max msp. objects receive inheritance from other objects by connecting them to each other with the mouse. it's better than max because it's tightly coupled to direct x, which, for my intents and purposes, is as close to the hardware as i need to get. the changes you make show up as soon as you make them.
processing is compiled and is typed in using the keyboard. all of that messy inheritance stuff is done in code.
to me the difference is the difference between engineering a balsa model of a plane from plans (processing), and using legos to fool around with different modules to see what works.
to me it's an important difference in computer graphics because the visual results sometimes come out different from what you'd expect, and it's the images and not the result you're basing your effectiveness on.