As I see it, speed is the last big advantage Java has over Python (and I do realize that a dynamically typed language makes achieving efficiency harder).
Apparently PyPy has some financial support from Google (http://en.wikipedia.org/wiki/Pypy#Project_status), but it really seems like basically any company that uses Python would gain so much from robust JIT compilation in the interpreter that I'm surprised there's not a more concerted effort to make it happen.