Never underestimate the edit-compile-test loop. It has an huge impact on productivity.
Indeed the core loop becomes edit-typecheck, and while the compiler can be slow, the type checker tends to be a lot faster than the test suite.
* Waiting patiently for my JDK9 JShell
OCaml installations tend to come with both a native compiler and a byte-code compiler/runtime, so you really get the best of both worlds there - minus some occasional hiccups in the build process.