Unity 3D does the same, with one exception; they only do this for games (a much easier task with openGL)Codename one generates its own UI using OpenGL. It really is quite fast. The platform just isn't very mature.
Adobe tried the same thing and failed; I doubt Codename One will be any different.
For cross platform development you're better off placing your bets on something like www.xamarin.com or http://www.apportable.com
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