Here's my proposed change as a patch against master, currently
cb421b6546ad3e09299462df63c389aa734fdba8.
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diff --git a/doc/ref/vm.texi b/doc/ref/vm.texi
index 2f32c51..9766ccb 100644
--- a/doc/ref/vm.texi
+++ b/doc/ref/vm.texi
@@ -62,10 +62,12 @@ The obvious solution is to compile to a virtual machine that is
present on all Guile installations.
The easiest (and most fun) way to depend on a virtual machine is to
-implement the virtual machine within Guile itself. This way the
-virtual machine provides what Scheme needs (tail calls, multiple
-values, @code{call/cc}) and can provide optimized inline instructions
-for Guile (@code{cons}, @code{struct-ref}, etc.).
+implement the virtual machine within Guile itself. Guile contains a
+bytecode interpreter (written in C) and a Scheme to bytecode compiler
+(written in Scheme). This way the virtual machine provides what Scheme
+needs (tail calls, multiple values, @code{call/cc}) and can provide
+optimized inline instructions for Guile (@code{cons}, @code{struct-ref},
+etc.).
So this is what Guile does. The rest of this section describes that VM
that Guile implements, and the compiled procedures that run on it.
