This looks really neat. A small JavaScript framework for setting up and running a single-page XML/XSLT application which fetches model data and view definitions from a server and combines them using JavaScript controllers. Once the data and views are loaded the application can run with no server latency, limited only by the ability of the browser to process XSLT and JavaScript.
My personal preference would probably be for models in JSON rather than XML and a view template language a bit more developer friendly than XSLT, but this seems a good implementation nonetheless.