In my opinion, this just moves the problem on a meta level. For the EPIC instructions of Itanium, one could encode multiple (parallel) instructions into one VLIW instruction. It was a huge problem to parallelize existing, say, C or C++ code so that this capability could be used. The fact that such a "smart compiler" turned out so hard to write was one of the things that broke Itanium's neck.
I openly have no idea by what magic a "sufficiently smart compiler" that can create such a "generic image [that] already contains the parallelized instructions" suddenly appears. How is it possible that compilers can suddenly parallelize the program, which turned out to be nigh impossible for the Itanium?!