Yes, Ruby will get significantly faster.
The new Javascript VMs prove that it is possible for an dynamic, weak-typed language which makes significant changes to the execution paths at runtime to be compiled effectively. The LLVM provides a platform-agnostic foundation on which this might happen. These innovations will eventually trickle into all scripting languages.
MacRuby, Maglev, or Rubinius might be first to market with this kind of speed, but the C implementation will probably get there as well.
JRuby, it should be noted, is obsessed with speed and has several "Ruby-like" prototype languages which allow developers to trade certain features for improved performance.
Honestly, the main thing holding Ruby back is that for many, many purposes, it is already fast enough. If you'd like to solve an n-body problem, you should probably look elsewhere. But if you'd like to build a smooth, maintainable web-based application, Ruby will get you into production faster and with great maintainability. And your VCs will be so impressed, they will give you enough money to scale. At which time, you can rewrite your choke points as inline C or Java.