This project is pretty interesting. The underlying idea has a nice symmetry: dynamic compilation for dynamically typed languages; static compilation for statically typed languages. (OK, maybe I'm reading too much into it, but that's how I see it.) However, I have a feeling that the greater part of programs written in dynamic languages is still more or less statically typeable, so you are still taking a performance hit.|
Also, it seems like in super-dynamic languages like Python, where you can generate and eval code dynamically with metaprogramming facilities, that a careful compiler would have to be conservative about code generation and caching to avoid generating reams (indeed, possibly an unbounded amount) of code which will/can never be executed.
But I'm interested to see the results.
Actually, this is the most interesting thing I have seen so far in the Python world. ;)