The document discusses byte-code optimization in Python. It begins by explaining that Python source code is compiled into byte code, which is then executed by the CPython interpreter. It describes some of the key steps in the compilation process, including parsing the source code and generating an abstract syntax tree (AST) before compiling to bytecodes. The document then discusses some approaches for optimizing Python code at the byte-code level, including using tools like Pyrex, Psyco and the Python bytecode manipulation library BytePlay. It recommends always profiling applications to identify optimization opportunities and considering writing performance-critical portions as C extensions.