Here is another codename project from Microsoft that aims at Web UI experience - meet Microsoft Live Labs Volta:
Developers can target either web browsers or the CLR as clients and Volta handles the complexities of tier-splitting for you. Volta comprises tools such as end-to-end profiling to make architectural refactoring and optimization simple and quick. In effect, Volta offers a best-effort experience in multiple environments without any changes to the application.
Volta effects recompilation through 3 general capabilities: refactoring, retargeting, and remodulating. Refactoring converts single-tier code into distributed, concurrent code as directed by user-supplied annotations. Retargeting converts MSIL code into code for other virtual machines. Remodulating tailors a single piece of code for multiple browsers. The next 3 sections explain in more detail.
See detailed architectural and fundamental description here.