I recently took a look at some simple benchmarks for a JRuby on Rails application... just to see where things stand. The results were not all that surprising.
While JRuby performs well against Ruby 1.8.6 in straight benchmarks, the Rails performance is still lagging a bit. But things are getting better.
These results are based on the tests being run on a MacBook laptop... Java 6 will almost certainly yield improved numbers. Tests on Java 6 will be run soon. Click the image or URL below to read the full article.

http://blog.huikau.com/2008/04/29/some-rails-perf-numbers-on-jruby-111/