It is register based. With lots and lots of registers. (The idea being that any architecture which benefits really does. And that doesn't doesn't.) Also everything (as he described) has to have indirection everywhere.
OTOH I'm looking forward to Perl running 3-5 times as fast as at present. With bigger wins still if you are using a register-rich environment (like Opteron in 64-bit mode). ;-)
Cheers,
Ben