the ecosystem is there, I think you're confused... the libraries work, this is the best runtime environment for a Ruby on Rails app.. which is Ruby's killer app..
There is no implementation (or implementation/platform combination -- MRI on windows supports a different set of gems than MRI on linux) that supports all gems.
I think in the future the JVM can offer better integration with native libraries. I'm not familiar with the details, I know JNI was a pain, I know there's JNA and JNR now and I just found this: http://openjdk.java.net/jeps/191