What is there uses vtable's exclusively - I effective punted on the slow path (and so on adding methods at runtime) completely, but keep track of how much of the vtable allocations is wasted space. If/when I get there, the goal is to use various mechanisms like this to determine when to fall back on a slow path, and couple both with polymorphic inline caching when suitable.
EDIT:
I don't see MRI as very interesting to work on, largely because interpreters aren't much fun, and ironically given the amount of time I spend using Ruby, I prefer compilers to be as static as possible. I also prefer my compilers to be bootstrapped in their target language. Hence my "ideal" Ruby compiler would be written in pure Ruby, do a ton of static analysis, with minimal fallback to JIT when users user features that are too dynamic to analyse fully ahead of time
E.g. there's a ton of annoying uses of eval() in Ruby code where a more complete meta-programming API would make it trivial for a compiler to do full ahead of time static analysis, so one big thing an AOT Ruby compiler really need to do is to provide a library of compiler specific meta-programming facilities with a fallback that uses eval() as needed, and either convince people to use it, or provide monkey-patches for a number of popular projects. Some of these uses don't even need eval() in the first places, but uses it just as a quick shortcut because it's simpler...
Just to make clear, I'm not sure when or even if my compiler project will ever get to a state where it's even remotely useable to compile Ruby. I started it out without even having decided to compiler Ruby, mostly to write about various parts of the process of writing a compiler that I find interesting. I find compiling Ruby as incredibly fascinating from a theoretical point of view because of the complexity involved, but unfortunately working on it takes a lot more time and effort than thinking about the problems.
Sure, MRI is boring, but it's the best implementation right now (though some may argue that JRuby is better), and it's in desperate need of VM innovations.
Any new compiler/VM starting from scratch will be years away from being available for use in production environments. By the time it's finished, we'll all be using Go. (Sigh.)
E.g. nothing will stop MRI from having to interpret thousands of lines of code each time because it can't draw a line between runtime and compile time, while for an ahead of time compiler for Ruby, finding a pragmatic line between what needs to be executed at runtime vs. compile time is essential (consider for example the tendency to do stuff like getting the list of files in a directory and require all of them in turn).
(I agree about JRuby. I also wonder why Rubinius, which showed so much promise at the beginning, has stagnated. Is it simply the lack of developers?)
Regarding Rubinius, writing compilers for dynamic languages is hard. Most textbooks you'll find cover techniques most suitable for statically typed languages (the best resource I know for starting to catch up on compiling dynamic languages is actually the Self papers). So you need more than an unusual level of interest in writing compilers to be likely to try to tackle a language like Ruby which is tricky even for dynamic languages (e.g. my favorite pet problem to meditate on: What constitutes 'compile time' vs. 'runtime' for ahead of time compiled Ruby?), and even more to actually persevere until you start getting proper results where you can get decent results in days with a simpler language.
It's made worse because of Ruby's horrendous grammar. And I mean that from a compiler writers perspective - as a developer I love to use Ruby to a large extent because the complexities of the grammar means it reads and writes better 95% of the time. But MRI's bison based parser was 6k-7k lines with ugly parser/lexer interplay last time I checked... There are full compilers substantially smaller than that for other languages...
To me, these complexities are part of what makes it fascinating. I firmly believe you can parse Ruby fully with a much, much simpler parser for example. A lot of the ugliness can be abstracted away, and C parser code is rarely good examples of succint code.
I did start playing with MRI years ago, specifically the parser, actually, and started chopping out redundant pieces, but got frustrated and bored with it. That's part of the problem - it's one thing to play around with a toy compiler like I've done, and another entirely to put in the effort to push a major change to MRI through to production quality given the number of years of accumulated history encapsulated in it. Doing the latter as a hobby is a daunting task.
That said: It looks like a really interesting project. I do wish they would phrase the project description as a "Ruby VM" instead of a separate programming language, through. There should not be any need to fork the entire language just to provide better performance.