It does translate code to native Objective C on iOS and I'm not sure if it generates Dalvick or C++ on the android.
I was attending a local presentation they made here a few months ago and was very impressed. Was also waiting for CocoonJS to be released since then.
They made it so they can port easily their own games, which are some of the most downloaded games on both iOS and android. If those very demanding and complex games can run well, I guess it is only a matter of polishing a bit their platform so it can run C2 games fluidly.