CPython is in the hands of not really productive bigcorp representatives who care about large legacy code bases. My guess is that CPython will be largely the same in 10 years, with the usual widely hyped initiatives that go nowhere ("need for speed etc.").
It's clear that Python's main strength is its vast libraries, priority number one is not breaking them. If it could be possible to speed up Python without breaking changes I would be surprised precisely because with so much large codebases speed and efficiency would translate directly to money.
The Microsoft funded project is different, they're merging things. I don't think they've started on a JIT translator yet, though, last time I looked they were busy picking lower-hanging fruit. From watching their communications, I think they might get there at some point.
It's not as simple as just emitting machine code, though. To get something in the same magnitude of typical C code, you need to deduce types and peel away the boxing and unboxing layers.