Basically, it will do something like: interpret a function for a the first few thousand times it is executed, collecting execution metrics. After a threshold is reached, next time that function is called, start compiling it, optimizing based on the execution metrics collected earlier. Leave behind a few hooks for future changes. Keep collecting metrics from function execution. If the profile of execution changes significantly, re-compile the function according to the new profile (possibly doing things like un-inlining).

This is perfectly aligned with a startup vs normal production use workflow. The only problems can appear if you have a continually changing pattern of execution through the same function.