The document compares HHVM (HipHop Virtual Machine) and PHP 7, highlighting their performance improvements and competitive features. While HHVM, developed by Facebook, uses a just-in-time compilation system to enhance speed, PHP 7 promises double the performance of PHP 5 and has garnered support from its developer community. Both technologies have their unique advantages, with PHP 7 being independent and easily transitioning code from earlier versions, while HHVM excels under high traffic scenarios.