Pharo Smalltalk can serve as a universal development platform due to its powerful IDE, live debugging capabilities, and ability to transpile code to other languages and platforms. Transpilation converts Smalltalk code to other languages like JavaScript, Java, and C while maintaining key features. Challenges include mapping Smalltalk concepts like block closures and dynamic types to static typed targets, but transpilation opens opportunities to leverage Smalltalk's IDE and libraries across many deployment environments.