This sounds very similar to an approach called Lightweight Modular Staging (pioneered in Scala by the Oderski group - http://scala-lms.github.io/ and also in Lua - http://terralang.org/). While this is great for specializing numeric code based on runtime invariants like dimensionality, I think people are finally looking at using the idea in other domains - for example, runtime generation of DSL code on a per instantiation basis. Imagine taking a high level SQL query, building the operator tree in a Julia DSL and optimizing that, and then JITing the entire thing taking into account low level storage details and the particular sets of operators and joins (http://msr-waypoint.com/en-us/events/dcp2014/rompf.pdf). This is very exciting to see in another typed language!
Blaze has a bit of a broader focus than what I was talking about, since blaze mostly offloads the actual computation to a particular backend. But a combination of blaze and a custom lowering of the computation into machine code using numba would be similar (although without the type safety for guaranteeing that certain optimizations are possible)
