Thank you very much Matt Williams and Michael Sullivan for your valuable inputs.
Yes, there is no question in, amount of time we are saving in the development and application maintenance.
We have pretty descent environment setup and using Apache as webserver. We are in to healthcare domain and there is huge data sitting in the DB. Some time we have to pull selected data from millions of records.
Looks like before refactoring our code, it's worth spending time on knowing more about Ruby magic. Would really appreciate if any one provides me the right books to refer or URLS for advanced topics.