PyPy is really two projects:
- An interpreter compiler toolchain allowing you to write interpreters in RPython (a static subset of Python) and have cross-platform interpreters compiled standalone, for the JVM, for .NET (etc)
- An implementation of Python in RPython
These two projects allow for many things.
- Maintaining Python in Python is much easier than maintaining it in C
- From a single codebase you can generate Python interpreters that run on the JVM, .NET and standalone - rather than having multiple slightly incompatible implementations
- Part of the compiler toolchain includes an experimental JIT generator (now in its fifth incarnation and starting to work really well) - the goal is for a JITed PyPy to run much faster than CPython
- It is much easier to experiment with fundamental language features - like removing the GIL, better garbage collection, integrating stackless and so on
So there are really a lot of reasons for PyPy to be exciting, and it is finally starting to live up to all its promises.