Personally I don't like the thought of giving up meta programming, and I don't think it's necessary. Spinel is great as a pragmatic way of getting an AOT compiler for a Ruby subset though, but it's not that hard to support meta programming in an AOT compiler.
Though it makes it harder to generate fast code, it's not impossible given that most Ruby meta programming runs early and then doesn't change the program again, and most patterns are recognisable and it seems likely to be (I'm on and off working on my own Ruby AOT compiler) possible to statically verify for most programs that after a given point most code will not change types and so do static type inference to elide most type checks (a type in such a Ruby program will not be a given class, but a given version of a given class or meta class)
Though it makes it harder to generate fast code, it's not impossible given that most Ruby meta programming runs early and then doesn't change the program again, and most patterns are recognisable and it seems likely to be (I'm on and off working on my own Ruby AOT compiler) possible to statically verify for most programs that after a given point most code will not change types and so do static type inference to elide most type checks (a type in such a Ruby program will not be a given class, but a given version of a given class or meta class)