Alright, now this one gets me quite excited. Just 5 minutes ago I argued with a friend of mine, that PyPy is in fact going forward, and he argued that they'll not have a release anytime < 10 years.
However, there is a release 0.6 now. From the tutorials and explanations, there's plenty a mention that this is higly experimental. I can spot type inference there, as well as translation to machine code ( or at least something very very close ).
This is exiting because once PyPy, executed on the CPython can translate to machine code, it could compile itself to a running programm. One which in turn can again compile future versions of itself and so forth.
Not only does it mean that python gets very flexible with this, it also means that integration with native code, runtime speed and a ton of other things get very fancy now.
Onwards to world Domination with PyPy ;),
Kudos and good Karma for the group around PyPy, you do an awesome job!