It's been around for a little while now, and it is pretty much a piece of software that converts PHP code into highly optimized C++, which can then be compiled for faster execution.
I would like to try it out, and see how all that works. What are your thoughts? Are you going to try it out, and see what that's all about?
Correction, it converts PHP into not-particularly-optimized C++ (though, for an automated procedure it is very good!). Unless you're working for the likes of Facebook, I don't think HipHop will be particularly useful for your business* though for satisfying your academic curiosity it is certainly worth a look.
* Assuming your business is something web-app related and currently using PHP
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