Computers are unimaginably fast, but people still wince at software that feels unresponsive or has long startup times. Dynamic, interpreted languages like Ruby are still considered prohibitively slow and not (or rarely) used for system programming, fancy 3d engines or embedded programming. Some people allegedly still write web browsers in C++!
If dynamic languages want to grow their (unquestionably already significant) niche, they can't wait for hardware improvements to make the order-of-magnitude difference to C not matter, and they can't afford to pass up optimization opportunities (that their bare-metal competition is probably taking as well).
Now you can write that off as an implementation detail and ignore whether it buys you perceptible time savings or not, but I don't feel it's right to handwave away all optimisation considerations. The article is an interesting little insight in how things are done in the engine room and what kind of shenanigans are employed to ultimately make your RoR web app load a teensy bit faster, and I don't consider the time I spent reading it (and subsequently having a look at the surrounding areas in the code) wasted at all.