It's not about novelty, it's about realization. PyPy exists and works as both an open source project and as a codebase, which is no easier to achieve than coming up with an idea. That said, PyPy has yet to demonstrate real impact outside the Python community, and projects with a somewhat similar aim to what's being discussed (the Parrot VM) have likewise not gotten to significant uptake. We'll see. PyPy is definitely already useful at other things, though.