Chrome's v8 compiles JavaScript into machine code
code.google.com
code.google.com
It's a very interesting approach they have taken, especially with class transitions and compilation. I hope Python / Ruby / Perl and other languages can learn and optimize with these ideas and code base.
Btw. Java was interpreted at first, JIT was first added with HotSpot and the speed improvement was around 20x.
also, while the JITing part of the v8 surely is nice by itself, IMHO the real runtime performance seems to come from the inlining by what they call "fast property access" -- the papers cited are a very good reference; indepth details can be found via scholar.google.com, though not explicitly mentioned, i figure that PICS, polymorphic inlince caches, are relevant too...
besides that i find the source code very interesting, it seems that it's just a very small codebase (with "ugly" c++ coding standards--given my subjective taste of course; i liked ellemtel guidelines best...); actually, i found myself looking for the "rest" until it became obvious thats all...
This is certainly not impossible to overcome. It's just an added difficulty.
http://www.cs.indiana.edu/~aghuloum/ikarus/#about
I don't see any comparisons to existing interpreter/compiler implementations in the V8 docs.
(edit: Oh. Strongtalk. So is that "incremental optimizing compilation" as well?)