Martijn Faassen used to ask us "how fast is PyPy" so we decided to name an option enabling all optimizations "--faassen". Then "--no-faassen" was naturally added too. Later we decided to grow up and renamed it to "-O2", and now "-Ojit".

a summary of 10 years of PyPy history

Amazing energy and intellectual prowess the project participants possess, and a very respectable project at that.