What of parallel projects on other Smalltalk VMs? It would be good for the Ruby community to have options. Gemstone might want to keep some sort of competitive advantage, however. (Email this userid at yahoo.com. Linkedin is not letting me send you a message, and so fulfilling their policy of keeping out riff-raf.)
How hard would be it be to 'marshal out' the entire running Ruby VM to a binary image and load it back in again like the way the Smalltalk VMs seem to do, or add the ability to marshal out objects as a memory image of some sort, meaning they can be marshalled out and in really efficiently (ie stuff a true Ruby object into Memcached instead of a string representation of it ...
Image-based development is a very different style, however. Lots of people are in love with their command lines and text editors.
RScheme and other persistent language implementations have certainly been able to use the underlying OS paging mechanism pretty efficiently, and the performance numbers Varnish HTTP cache seems to suggest that it can work well for some kinds of web application workloads, too.