I think that's a good point and was also heavily commented on when Google's Unladden Swallow released its benchmark numbers (IIRC, for the django benchmark its binary size grew to 800 megs.) Probably that was even a reason they stopped working on it (there was a link somewhere, but I cannot find it right now.)
Furthermore, I think this "problem" is attributable to jit-compilation in general, since you have to store the code somewhere. The situation was/is somehow similar to the JVM's memory requirements. An interesting alternative to code generation is to optimize interpreters instead.
with SSDs catching up (in terms of price/gb) to hdds, could you possibly use SSD as a jit-cache ?
processors are the most power hungry part of a machine, and considering cooling is the biggest bottleneck in a modern datacenter, I wonder if SSDs acting as caches could amplify a processor's power.
Furthermore, I think this "problem" is attributable to jit-compilation in general, since you have to store the code somewhere. The situation was/is somehow similar to the JVM's memory requirements. An interesting alternative to code generation is to optimize interpreters instead.