I thought the story was that the Unladden Swallow team had actually started expanding into new directions after walking away from LLVM disappointed, but the project then got cancelled from higher-up?
I guess my point, in keeping with the parent, is that you'd expect Google to be interested in sustaining a team looking into performance improvements in an important part of their runtime longer-term, but that didn't happen.
Edit: On an unrelated note, it's good fun to take a look at http://speed.pypy.org/ and consider how close the averaged 4.5x speedup of PyPy trunk over CPython is to the original "make it five times faster" goal of Unladden Swallow.