[DotGNU]WHere does CVM fit into the pnet picture?

[Mark Easton]

Hi there,

I'm doing some research into different CLI implementations and have been
trying to get my head round the basic architecture of Portable.NET.
 
Apart from saying how impressed I am by the versatility and ingenuity of
Portable.NET, I would like to ask a very quickly if my understanding of
how CVM fits into the Portable.NET picture is correct.  It seems to me
that the high-level compilers compile into CVM before a second phase
compiler converts CVM into an intermediate format (currently either JVM
BC or .NET IL). 

So, am I in the right ball park or am I just another poor deluded fool
playing with things I don't understand?
 
TIA

Mark