While I'm sure most of us are curious about what HipHop is going to be, I know it will not be a replacement for PHP - it's very much a niche product: unless you're running a large server farm then the performance benefits vs the maintenance costs just wouldn't justify it.
Perhaps it might be an interesting alternative to use encoded PHP for some people - but again this introduces even greater maintenance overheads. The only low-volume scenario where a compiled PHP would seem to make a lot of sense is for embedded devices (where the software exists to support the hardware and not vice versa) and for very high security installations (where its not a good idea to have a interpreter available).
It's far to early to be able to say what PHP software will work with it. However even once thats established, I'd want to see a solid commitment from any supplier that they were going to explicitly support HipHop in the future before I switched.
C.