That sounds great. Does it have any drawbacks like a high startup time?
My highly scientific benchmarks (time python -c "pass") give no noticeable difference, with pypy starting in between 0.015s and 0.020s and Python 2.6 starting in 0.022s to 0.028s.
All of this is on a 1.6GHz C2D, 1GB RAM, Arch Linux 32 bit.