Aside of that, there have been papers detailing the software pipelining approach (cf. Hoogerbrugge et al.: "A code compression system based on pipelined interpreters", 1999), but I cannot for the love of god imagine that the loop shown in there is faster than a JIT compiler for a very simple reason: each of the interpreter operations is invoked via a function pointer, which means that the compiler emits an indirect branch instruction for implementing this. Now, these indirect branch instructions are very costly, and a simple JIT compiler could just take the actual values (callee target addresses) of the input program and generate direct call instructions instead. (And I am not even talking about inlining the function bodies of the operation implementation.)