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Seems like the Ruby equivalent of Python's Unladen Swallow, but with more momentum. Unladen Swallow seems pretty neglected at the moment.

The Ruby community is definitely not lacking in passion, something I'd like to see more of in the Python community.

Technically it's quite similar to Unladen Swallow (in the JIT at least) except for the rewrite from scratch bit.

If you're interested in performance in Python the place to look is PyPy though: http://pypy.org/

Disclaimer: I contribute to both PyPy and Unladen Swallow.