C extensions are a very big reason why not; the pain of demand-starting JVMs is another minor reason.
time jruby -e 1
real 0m0.514s
user 0m0.510s
sys 0m0.040s
I find it acceptable (could it be the SSD in my laptop that makes such a large difference?). As http://jira.codehaus.org/browse/JRUBY-5181 shows, as soon as some gems come into the picture, actual startup times deteriorate rapidly. user@twen:~/tmp$ time jruby -e '1'
real 0m0.664s
user 0m0.390s
sys 0m0.110s
for a cold boot. Subsequent startups are 350-400ms. Stock JRuby 1.5.6