Their framework is (theoretically) able to trace any Python operation, no matter how dynamic, and speed it up. This means that if you want to speed up pure Python code, PyPy is really the only game in town.
The downside is that when scientists use Python, Python is used as a beautiful API on top of very optimized code written in Fortran or C. If you want to do numerically complex code in Python, you are much, much better off using numba. numba is much less ambitious than PyPy - it handles a small subset of Python (basically, NumPy) but it is very, very fast and very efficient at speeding up pure NumPy code. In my experience, 100x speed ups (over pure NumPy code) are not that uncommon.
The founder of continuum (Travis Oliphant) wrote a blog about his technical vision for a Python jit: http://technicaldiscovery.blogspot.it/2012/08/numba-and-llvm... and http://technicaldiscovery.blogspot.it/2012/07/more-pypy-disc...). Basically, the continuum team made a big bet that a very efficient JIT that targets only numerical python would be more useful than a generic JIT that can theoretically handle all of Python. For my use case (scientific coding) - numba is far superior.