teoliphant
Yes, there are generic operations in NumPy that you can speed -up with specific code in C (or any-other compiled language). In addition, there is much low-hanging fruit to optimize in NumPy as well (which we at Continuum are working on as I write this).
Fijal, I know you are enthusiastic about PyPy and you should be --- it's a cool system. But, please don't spread mis-information. There are a lot of people who don't understand enough about the details of what you are talking about, and you are just going to alienate them once they realize that you don't have all your facts about NumPy clear.
For people who only make occasional use of NumPy, PyPy and it's version of numpy will likely be fine. But, those people should be well-aware that they are intentionally remaining outside the larger Python/NumPy ecosystem (Matplotlib, SciPy, scikits, etc.) and it will be a long-haul to build the features in PyPy to enable that ecosystem to migrate (and that assumes the individual projects decide that it's even worthwhile to do so).