From the Hiphp Hophp dept.:
Today I'm excited to share the project a small team of amazing people and I have been working on for the past two years; HipHop for PHP. With HipHop we've reduced the CPU usage on our Web servers on average by about fifty percent, depending on the page. Less CPU means fewer servers, which means less overhead. This project has had a tremendous impact on Facebook. We feel the Web at large can benefit from HipHop, so we are releasing it as open source this evening in hope that it brings a new focus toward scaling large complex websites with PHP. While HipHop has shown us incredible results, it's certainly not complete and you should be comfortable with beta software before trying it out.

HipHop for PHP isn't technically a compiler itself. Rather it is a source code transformer. HipHop programmatically transforms your PHP source code into highly optimized C++ and then uses g++ to compile it. HipHop executes the source code in a semantically equivalent manner and sacrifices some rarely used features — such as eval() — in exchange for improved performance. HipHop includes a code transformer, a reimplementation of PHP's runtime system, and a rewrite of many common PHP Extensions to take advantage of these performance optimizations.