Welcome to the forum Mike!
I use the term JIT very broadly in that Oxygen can go from source code directly into executable memory image. Another slightly different JIT thing it can do during run time is take a string of source code, perform a secondary compile, and run it on-the-fly sharing the same workspace.
In practice the compilation speed is fast enough for small applications and tools to run directly from source code, making PE file generation unnecessary.
Oxygen also supports some features of byte-code languages such as loose typing of variables. I dont think there is any theoretical limit on how smart you can make a compiler.
As for sandboxes, O2 is a bit hardcore at present, but as the architecture matures, introducing new features to make coding easier on the knees won't be a problem.
Oxygen could also be embedded as a compile engine for another loanguage.
Charles