Now the interesting part: as you can see, JIT massively contributes to the speed of UAE: JIT makes UAE compile seven times faster in my tests. If JIT for Pegasos (which will start shipping with MOS1.4?) has an effect anything like that, it is quite possible that a Pegasos at 600MHz will, with respect to emulated code, meet or exceed the performance of very fast PCs.
Part of the reason for this is because under UAE one is not just emulating the program, but all of the libs and modules used as well. Under MorphOS, all of those are running natively, so the only thing being emulated is the program itself. As a result, the performance jump for JIT will not be as dramatic on the Pegasos as on the Athlon, but it will still be dramatic.