I admit, I was setting up a potentially-false JIT dichotomy to try and understand your arguments better.
Immediately after posting, I figured my use of the term "just" in "just upgrade LLVM" was in poor form - I should have omitted the "just", I agree that it is an oversimplification.
Yes, I own and have read the Dragon book.
Yes, I've taken a compilers class during the process of getting a degree in computer science.
Yes, I have written my own functional and procedural languages, complete with BNF grammars, etc.
Yes, I've written more than one interpreter.
I am glad you appreciate my enthusiasm. I appreciate your frank input.
The schedule I'm committing to is to have something (anything!) to demo by YAPC::NA 2013.
I have not committed to any engineering decisions, as I am still in the process of research and due diligence. I've spent the last decade working on language theory and design, so I'm not a total newbie here. I'm just not (yet) a Perl Pope or Pumpking. ;)