No, await is a context switch of some kind. In a stackful implementation the stack is switched to another thread at that point (say for an I/O wait), in an async implementation, the point after await is resumed with the live variables needed for the remainder of the program because it will be passed an explicit continuation.

> Of course if you do not spawn a coroutine in f and it is instead part of another coroutine, v1 might be captured (unless the compiler identifies it as dead and reuses the stack slot, say, for v2). But to express the same with stackless coroutines you need to make f also a coroutine which will end up capturing v1 if live across the call.

Yes, the idea is that v1 is not live, and existing stackful implementations will capture it regardless, where an async written program written in CPS form will not capture it. As I initially said the state captured by the latter is a strict subset of the former.