The Parrot VM aims to be a universal virtual machine for dynamic languages by providing an intermediate representation and runtime that allows languages to be implemented in a portable way. It faces challenges due to the need for languages to evolve over time and lack of resources, but hopes to succeed by establishing official specifications and implementations for supported languages. The document outlines Parrot's goals and features for language implementors, and provides a roadmap for upcoming milestones like improved module support and a usable Perl 6 implementation.