Yes it is easier and faster to develop in (speaking as someone who has done both commercially). Examples of productivity gains:
1. No need to compile your code. Build cycle vastly improved (no time wasted with Ant/Maven/take your pick).
2. Less verbosity.
3. No need to restart your web server every time you deploy some new feature, just hit F5 on your browser and your done.
4. No classpath/jar file fun to slow your down.
5. You can hack a code fix in situ on a dev/server (or production if your brave/insane, I did say hack!). All you need is SSH.
6. Connecting to a database is trivial, support for most databases build in (no messing about with JDBC).
7. Deployments are a breeze: just drop the source code on your server, and you're done.
I could go on.
> so you are losing execution speed to gain nothing.
I wouldn't call a much faster development cycle "nothing", and if you understand Facebook's culture of "move fast" as laid down by Zuckerburg, they value development time higher than execution time (and rightly so).
* Edited to add line returns.