Lifecycle of a JIT compiled code

The just-in-time compilers in the Java Virtual Machines make sure that the Java code you wrote runs as fast as possible and that the implicit and explicit checks do not compromise the performance. What are the mechanics of decision making within JITs and what happens when those turn to be wrong? The talk will cover the profile collection path, code transformations and the various interfaces to influence the JIT including the ReadyNow technology from Azul Systems.