Mozilla staff are being very diplomatic and restrained by allowing WebAssembly to be portrayed as a compromise between the approaches of asm.js and PNaCl. They have good reasons for being so, but I can be a bit less restrained. asm.js and PNaCl represented quite different visions for how C/C++ code should be supported on the Web, and I think WebAssembly is a big victory for asm.js and Mozilla's vision.
Therefore any non-Chrome-based browser wishing to implement PNaCl would have had to reverse-engineer a Chromium-bug-compatible Pepper spec and reimplement it, or more likely import a large amount of Chromium code to implement Pepper/NaCl. Likewise they'd have had to import a large amount of LLVM code for the PNaCl compiler. Both imports would have to stay in sync with whatever Google did. This would mean lots more code bloat, maintenance and spec work, and more work for Web developers too, not to mention being a severe blow to Web standards. Mozilla people (including me) explained the unacceptability of all this to relevant Google people early on, but to no avail.
In these key areas WebAssembly follows asm.js, not PNaCl. WebAssembly applications or components interact freely with JS and AFAIK in all browsers WebAssembly is implemented as part of the JS VM. WebAssembly defines no new platform APIs other than some APIs for loading and linking WebAssembly code, relying on standards-based Web APIs for everything else. WebAssembly differs from asm.js by defining a bytecode format with some new operations JS doesn't have, so some spec work was required (and has been done!). Like asm.js, WebAssembly application call-stacks are maintained by the JS VM, outside the memory addressable by the application, which reduces the exploitability of application bugs. (Though, again like asm.js and unlike PNaCl, the compiler is trusted.)
I'm not belittling the contributions of Google and others to WebAssembly. They have done a lot of good work, and ditching PNaCl was an admirable decision for the good of the Web — thank you! Often in these contests proclaiming a "winner" is unimportant or even counterproductive, and it's true that in a sense Web developers are the real winners. I'm calling it out here because I think the good and essential work that Mozilla continues to do to improve the standards-based Web platform is too often overlooked. I also want credit to go to Mozilla's amazing asm.js/WebAssembly team, who went up against Google with far fewer resources but a better approach, and won.