While doing a breaf research on IronPython I got confused about it's execution model and how it integrates with C#.
Can you please point, which of these assumptions are wrong:

IronPython is Not compiled Ahead of time ( into a clr exe|dll
with IL code) 
IronPython is distributed as script
When executed, IronPython files are compiled at runtime into IL and then executed in a CLR AppDomain.

Thanks
You can use pyc.py to create an exe/dll, but it's not well documented. Otherwise, you're basically right.
IronPython and Ahead-of-Time Compilation