[DotGNU]Melody and "code morphing" performance

[Remy Saville]

A while ago I read an article on HP's Dynamo, which sounds a lot like what
transmeta's code morphing software does.

URL for Dynamo info:
http://www.arstechnica.com/reviews/1q00/dynamo/dynamo-1.html

Dynamo is "an interpreter for HP's PA-8000 instruction set that itself runs
on a PA-8000 processor" and "Programs "interpreted" by Dynamo are often
faster than if they were run natively. Sometimes by 20% or more."

If Transmeta can interpret x86 code faster than building hardware designed
to run x86 code, and HP's Dynamo can run PA-8000 code on a PA-8000 faster
than an actually PA-8000, can something like this work even better for
DotGNU?

I assume both the x86 and PA-8000 instruction sets weren't designed to be
run this way, so could an instruction set designed to run in this form be
even faster?

I'm really just asking out of curiosity as I'm still not 100% sure how
Melody works, although I'm getting pretty close to understanding its
intentions.