Depends on the task. Most of my programming is on the sysadmin side. So automation and log processing are two of the biggest things I deal with. I love Ruby to death. I'd program in it all the time if I could. And it works really well for automation. But for processing massive amounts of data? Not so much.
I even did some tests a year or so ago when I was writing a script to merge together data from multiple log files and a couple of databases, including data transformations, merging/collation and sorting of, oh 100GB or so of raw log data a day.
My first tests with Ruby were running pretty slow, so I decided to write the script out as I'd planned in both Ruby and Perl and compare the results on subsets of the data.
I used none of Ruby's OO features, I just did straight simple data structures, hashes and arrays, etc. Ruby has far better infrastructure for dealing with these things built in, and so I wrote the Ruby script in a couple of hours. The Perl script took me a couple of days--admittedly my Perl is rusty, but I wasn't doing anything complicated. But the language just doesn't have as much stuff built in.
Anyway, at the end I had two scripts with exactly the same logic, and I'd even had to implement some things (like Ruby's Array#uniq, which I assume (but don't know) is written in C) from scratch in Perl. So yeah I wasted 16 hours on the Perl script, but you could follow them line by line and they were identical.
Run them one after the other to compare, and the Perl script is literally 100 times faster and uses a tenth of the RAM. I told my Python-loving friends about this and they guffawed at the silly Ruby guy, but it was depressing.
So yeah, Ruby is slow at runtime compared to other languages. Usually that doesn't matter, but sometimes it matters a lot.