Q: If PyPy can solve these great challenges (speed, memory consumption, parallelism) in comparison to CPython, what are its weaknesses that are preventing wider adoption?

A: First, there is little evidence that the PyPy team can solve the speed problem in general. Long-term evidence is showing that PyPy runs certain Python codes slower than CPython and this drawback seems to be rooted very deeply in PyPy.

Secondly, the current version of PyPy consumes much more memory than CPython in a rather large set of cases. So PyPy didn't solve the memory consumption problem yet.

Whether PyPy solves the mentioned great challenges and will in general be faster, less memory hungry, and more friendly to parallelism than CPython is an open question that cannot be solved in the short term. Some people are betting that PyPy will never be able to offer a general solution enabling it to dominate CPython 2.7 and 3.3 in all cases.

If PyPy succeeds to be better than CPython in general, which is questionable, the main weakness affecting its wider adoption will be its compatibility with CPython. There also exist issues such as the fact that CPython runs on a wider range of CPUs and OSes, but these issues are much less important compared to PyPy's performance and CPython-compatibility goals.

Q: Why can't I do drop in replacement of CPython with PyPy now?

A: PyPy isn't 100% compatible with CPython because it isn't simulating CPython under the hood. Some programs may still depend on CPython's unique features that are absent in PyPy such as C bindings, C implementations of Python object&methods, or the incremental nature of CPython's garbage collector.