Are there scenarios where JIT compiler is faster than other compilers like C++?
Do you think in the future JIT compiler will just see minor optimizations, features but follow a similar performance, or will there be breakthroughs that will make it infinitely superior to other compilers?
It looks like the multi core paradigm has some promise but it's not universal magic.
Any insights?
Yes, there certainly are such scenarios.
I think there will be breakthroughs in the future. In particular, I think that the combination of JIT compilation and dynamic typing will be significantly improved. We are already seeing this in the JavaScript space with Chrome's V8 and TraceMonkey. I expect to see other improvements of similar magnitude in the not-too-distant future. This is important because even so-called "statically typed" languages tend to have a number of dynamic features.