Well I've compiled pypy-1.8 from source (without jit) and found that is 
slower than python whyle executing web2py
here are my test results


*PYPY*
ab -n 10 -c 5 http://127.0.0.1:8000/
This is ApacheBench, Version 2.3 <$Revision: 655654 $>
Copyright 1996 Adam Twiss, Zeus Technology Ltd, http://www.zeustech.net/
Licensed to The Apache Software Foundation, http://www.apache.org/

Benchmarking 127.0.0.1 (be patient).....done


Server Software:        Rocket
Server Hostname:        127.0.0.1
Server Port:            8000

Document Path:          /
Document Length:        18071 bytes

Concurrency Level:      5
Time taken for tests:   5.257 seconds
Complete requests:      10
Failed requests:        0
Write errors:           0
Total transferred:      184880 bytes
HTML transferred:       180710 bytes
Requests per second:    1.90 [#/sec] (mean)
Time per request:       2628.322 [ms] (mean)
Time per request:       525.664 [ms] (mean, across all concurrent requests)
Transfer rate:          34.35 [Kbytes/sec] received

Connection Times (ms)
              min  mean[+/-sd] median   max
Connect:        0    0   0.1      0       0
Processing:  1851 2465 277.7   2583    2731
Waiting:     1849 2461 275.6   2583    2705
Total:       1851 2465 277.7   2583    2731

Percentage of the requests served within a certain time (ms)
  50%   2583
  66%   2610
  75%   2671
  80%   2671
  90%   2731
  95%   2731
  98%   2731
  99%   2731
 100%   2731 (longest request)


*PYTHON*
ab -n 10 -c 5 http://127.0.0.1:8181/
This is ApacheBench, Version 2.3 <$Revision: 655654 $>
Copyright 1996 Adam Twiss, Zeus Technology Ltd, http://www.zeustech.net/
Licensed to The Apache Software Foundation, http://www.apache.org/

Benchmarking 127.0.0.1 (be patient).....done


Server Software:        Rocket
Server Hostname:        127.0.0.1
Server Port:            8181

Document Path:          /
Document Length:        18071 bytes

Concurrency Level:      5
Time taken for tests:   1.920 seconds
Complete requests:      10
Failed requests:        0
Write errors:           0
Total transferred:      184890 bytes
HTML transferred:       180710 bytes
Requests per second:    5.21 [#/sec] (mean)
Time per request:       960.005 [ms] (mean)
Time per request:       192.001 [ms] (mean, across all concurrent requests)
Transfer rate:          94.04 [Kbytes/sec] received

Connection Times (ms)
              min  mean[+/-sd] median   max
Connect:        0    0   0.2      0       0
Processing:   694  883 107.4    885    1031
Waiting:      693  880 104.2    885    1030
Total:        694  883 107.6    885    1031

Percentage of the requests served within a certain time (ms)
  50%    885
  66%    889
  75%    995
  80%   1017
  90%   1031
  95%   1031
  98%   1031
  99%   1031
 100%   1031 (longest request)



This app uses lots of modules like pymongo, Image, stripogram, dateutil, 
pygeoip,tornado, tornadio, pycurl
I've manage to easy_install all them in pypy, but I couldn't install 
pycurl, so I've commented it for the ab testing

I've also tried with the welcome app and the results were similar: pypy was 
2.5x slower


Any other tests are truly appreciated

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