Just like VB.NET or C#, a JScript.NET application is compiled down to an
assembly.  The assembly is either a command line executable or a library
(if compiled with the /t:library switch).  In .NET, assemblies are made up
of low level code, almost in the same was as a native executable is made up
of machine code.  The difference is that native executables are machine
dependant and when disassembled the result is native Assembly language,
.NET executables are not machine dependent and when disassembled the result
MSIL code.

When a JScript.NET program is run, the assembly is then quickly converted
into native instructions (using whatever optimizations are available for
the platform the program runs on).

If you want to see the insides of compiled program you can always use the
disassembler (ildasm.exe) provided by Microsoft, it's in the SDK directory.

MSIL: Microsoft Intermediate Language - in simplest terms this can be
thought of as a machine independent assembly language.

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