Kira - A language that compiles to PHP
mathgladiator.com
mathgladiator.com
Now, as to whether there's a benefit to learning an entirely new language in order to do this, I'm not so sure. Why not extend (and simplify) PHP while still using PHP syntax and grammar, the way jQuery does for JavaScript?
jQuery can do this because, despite its quirks, JavaScript is actually a well designed programming language. It has goodies like closures, anonymous functions, and first class functions, so it is fairly extensible. PHP is just a glorified template language with wrappers to C functions.
C++ : C => Kira : PHP
http://www.joelonsoftware.com/items/2006/09/01b.html
Features of Wasabi:
closures, active records, lambdas, embedded SQL a la LINQ
Wasabi is 100% backwards-compatible with VBScript but includes obvious improvements.
Presumably you would target PHP with the compiler for the same reason many people target C: it's a fairly universal language, supported on many platforms. A Ruby => PHP compiler would be very interesting because it would allow you to write Ruby code (fun!) on any system that runs PHP (many!). A PHP => Ruby compiler would be of questionable use because it would allow you to write PHP code (yuck!) on any system that runs Ruby (not so many!).