I'm banging away on a native code generator. Basically, we needed a bytecode interpreter, and I had written one too many bytecode VMs. Remembering a comment by David Simmons on his SmallScript work--he argued that JITs perform 10 times better than VMs for about the same amount of work--I decided to hack up a native code generator instead.
Sure enough, it's easy, at least once you figure out the platform's calling conventions and what a ModR/M byte actually is.
Now, generating good code is an entirely different matter. But I'm not trying to do that. :-)