In the open source Smalltalk community we have a pretty fast VM these days - its called Cog and is written by the highly gifted and experienced Eliot Miranda who also happens to be a really nice guy! Cog is fast and its also still improving with some more developers joining recently.
Another very fast VM is LuaJIT2 for the Lua language (version 5.1), also written by a single individual with extraordinary programming talent - Mike Pall. LuaJIT2 is often mentioned as the fastest dynamically typed language (or VM) and even though Lua is similar to Smalltalk (well, its actually very similar to Javascript) its also clearly a different beast with other characteristics. If you start looking at the world of game development - then Lua appears everywhere.