diff --git a/jps/model-api/src/org/jetbrains/jps/model/JpsElementFactory.java b/jps/model-api/src/org/jetbrains/jps/model/JpsElementFactory.java
index 3d56f5382e2b..5398f212c021 100644
--- a/jps/model-api/src/org/jetbrains/jps/model/JpsElementFactory.java
+++ b/jps/model-api/src/org/jetbrains/jps/model/JpsElementFactory.java
@@ -18,6 +18,8 @@ public abstract class JpsElementFactory {
     return JpsServiceManager.getInstance().getService(JpsElementFactory.class);
   }
 
+  public abstract JpsModel createModel();
+
   public abstract <P extends JpsElementProperties> JpsModule createModule(@NotNull String name, @NotNull JpsModuleType<P> type, @NotNull P properties);
 
   public abstract <P extends JpsElementProperties> JpsLibrary createLibrary(@NotNull String name, @NotNull JpsLibraryType<P> type, @NotNull P properties);
diff --git a/jps/model-api/src/org/jetbrains/jps/model/java/LanguageLevel.java b/jps/model-api/src/org/jetbrains/jps/model/java/LanguageLevel.java
index 5cf1c66de6af..a780b1e9c254 100644
--- a/jps/model-api/src/org/jetbrains/jps/model/java/LanguageLevel.java
+++ b/jps/model-api/src/org/jetbrains/jps/model/java/LanguageLevel.java
@@ -4,4 +4,5 @@ package org.jetbrains.jps.model.java;
  * @author nik
  */
 public enum LanguageLevel {
+  JDK_1_3, JDK_1_4, JDK_1_5, JDK_1_6, JDK_1_7, JDK_1_8
 }
diff --git a/jps/model-impl/src/org/jetbrains/jps/model/impl/JpsElementFactoryImpl.java b/jps/model-impl/src/org/jetbrains/jps/model/impl/JpsElementFactoryImpl.java
index d0310bbd9a7d..ce54beb8c0b4 100644
--- a/jps/model-impl/src/org/jetbrains/jps/model/impl/JpsElementFactoryImpl.java
+++ b/jps/model-impl/src/org/jetbrains/jps/model/impl/JpsElementFactoryImpl.java
@@ -19,6 +19,19 @@ import org.jetbrains.jps.model.module.impl.JpsModuleReferenceImpl;
  * @author nik
  */
 public class JpsElementFactoryImpl extends JpsElementFactory {
+  @Override
+  public JpsModel createModel() {
+    return new JpsModelImpl(new JpsEventDispatcherBase() {
+      @Override
+      public void fireElementRenamed(@NotNull JpsNamedElement element, @NotNull String oldName, @NotNull String newName) {
+      }
+
+      @Override
+      public void fireElementChanged(@NotNull JpsElement element) {
+      }
+    });
+  }
+
   @Override
   public <P extends JpsElementProperties> JpsModule createModule(@NotNull String name, @NotNull JpsModuleType<P> type, @NotNull P properties) {
     return new JpsModuleImpl(type, name, properties);
diff --git a/jps/model-impl/src/org/jetbrains/jps/service/impl/JpsServiceManagerImpl.java b/jps/model-impl/src/org/jetbrains/jps/service/impl/JpsServiceManagerImpl.java
index 960bcff17879..0b701a4ead7a 100644
--- a/jps/model-impl/src/org/jetbrains/jps/service/impl/JpsServiceManagerImpl.java
+++ b/jps/model-impl/src/org/jetbrains/jps/service/impl/JpsServiceManagerImpl.java
@@ -2,10 +2,7 @@ package org.jetbrains.jps.service.impl;
 
 import org.jetbrains.jps.service.JpsServiceManager;
 
-import java.util.Iterator;
-import java.util.List;
-import java.util.ServiceConfigurationError;
-import java.util.ServiceLoader;
+import java.util.*;
 import java.util.concurrent.ConcurrentHashMap;
 
 /**
@@ -13,7 +10,7 @@ import java.util.concurrent.ConcurrentHashMap;
  */
 public class JpsServiceManagerImpl extends JpsServiceManager {
   private final ConcurrentHashMap<Class, Object> myServices = new ConcurrentHashMap<Class, Object>();
-  private final ConcurrentHashMap<Class, List<Object>> myExtensions = new ConcurrentHashMap<Class, List<Object>>();
+  private final ConcurrentHashMap<Class, List<?>> myExtensions = new ConcurrentHashMap<Class, List<?>>();
 
   @Override
   public <T> T getService(Class<T> serviceClass) {
@@ -30,12 +27,25 @@ public class JpsServiceManagerImpl extends JpsServiceManager {
           "More than one implementation for " + serviceClass + " found: " + service.getClass() + " and " + iterator.next().getClass());
       }
       myServices.putIfAbsent(serviceClass, service);
+      //noinspection unchecked
+      service = (T)myServices.get(serviceClass);
     }
     return service;
   }
 
   @Override
   public <T> Iterable<T> getExtensions(Class<T> extensionClass) {
-    return ServiceLoader.load(extensionClass);
+    List<?> cached = myExtensions.get(extensionClass);
+    if (cached == null) {
+      final ServiceLoader<T> loader = ServiceLoader.load(extensionClass);
+      List<T> extensions = new ArrayList<T>();
+      for (T t : loader) {
+        extensions.add(t);
+      }
+      myExtensions.putIfAbsent(extensionClass, extensions);
+      cached = myExtensions.get(extensionClass);
+    }
+    //noinspection unchecked
+    return (List<T>)cached;
   }
 }
diff --git a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLibraryTableLoader.java b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLibraryTableLoader.java
index 6240636aaf6f..de9a03045139 100644
--- a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLibraryTableLoader.java
+++ b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLibraryTableLoader.java
@@ -43,11 +43,12 @@ public class JpsLibraryTableLoader {
     MultiMap<JpsOrderRootType, String> recursiveJarDirectories = new MultiMap<JpsOrderRootType, String>();
     for (Element jarDirectory : JDOMUtil.getChildren(libraryElement, "jarDirectory")) {
       String url = jarDirectory.getAttributeValue("url");
-      String rootType = jarDirectory.getAttributeValue("type");
+      String rootTypeId = jarDirectory.getAttributeValue("type");
+      final JpsOrderRootType rootType = rootTypeId != null ? getRootType(rootTypeId) : JpsOrderRootType.COMPILED;
       boolean recursive = Boolean.parseBoolean(jarDirectory.getAttributeValue("recursive"));
-      jarDirectories.putValue(getRootType(rootType), url);
+      jarDirectories.putValue(rootType, url);
       if (recursive) {
-        recursiveJarDirectories.putValue(getRootType(rootType), url);
+        recursiveJarDirectories.putValue(rootType, url);
       }
     }
     for (Element rootsElement : JDOMUtil.getChildren(libraryElement)) {
diff --git a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLoaderBase.java b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLoaderBase.java
index ad13061cc071..fece721e2966 100644
--- a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLoaderBase.java
+++ b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsLoaderBase.java
@@ -21,9 +21,13 @@ public abstract class JpsLoaderBase {
   }
 
   protected Element loadRootElement(final File file) {
+    return loadRootElement(file, myMacroExpander);
+  }
+
+  protected static Element loadRootElement(final File file, final JpsMacroExpander macroExpander) {
     try {
       final Element element = JDOMUtil.loadDocument(file).getRootElement();
-      myMacroExpander.substitute(element, SystemInfo.isFileSystemCaseSensitive);
+      macroExpander.substitute(element, SystemInfo.isFileSystemCaseSensitive);
       return element;
     }
     catch (JDOMException e) {
@@ -35,11 +39,11 @@ public abstract class JpsLoaderBase {
   }
 
   protected static boolean isXmlFile(File file) {
-    return file.isFile() && FileUtil.getNameWithoutExtension(file).equalsIgnoreCase("xml");
+    return file.isFile() && FileUtil.getExtension(file.getName()).equalsIgnoreCase("xml");
   }
 
   @Nullable
-  public static Element findComponent(Element root, String componentName) {
+  protected static Element findComponent(Element root, String componentName) {
     for (Element element : JDOMUtil.getChildren(root, "component")) {
       if (componentName.equals(element.getAttributeValue("name"))) {
         return element;
diff --git a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsModuleLoader.java b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsModuleLoader.java
index 03cee51e03d1..a2b219a017c9 100644
--- a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsModuleLoader.java
+++ b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsModuleLoader.java
@@ -5,7 +5,9 @@ import org.jdom.Element;
 import org.jetbrains.jps.model.JpsCompositeElement;
 import org.jetbrains.jps.model.JpsElementFactory;
 import org.jetbrains.jps.model.JpsElementReference;
-import org.jetbrains.jps.model.java.*;
+import org.jetbrains.jps.model.java.JavaSourceRootProperties;
+import org.jetbrains.jps.model.java.JavaSourceRootType;
+import org.jetbrains.jps.model.java.JpsJavaSdkType;
 import org.jetbrains.jps.model.library.JpsLibrary;
 import org.jetbrains.jps.model.library.JpsSdkType;
 import org.jetbrains.jps.model.module.*;
diff --git a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsProjectLoader.java b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsProjectLoader.java
index 024689b0df06..11726e45b786 100644
--- a/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsProjectLoader.java
+++ b/jps/model-serialization/src/org/jetbrains/jps/model/serialization/JpsProjectLoader.java
@@ -16,17 +16,26 @@ import org.jetbrains.jps.service.JpsServiceManager;
 
 import java.io.File;
 import java.io.IOException;
+import java.util.ArrayList;
+import java.util.List;
 import java.util.Map;
+import java.util.concurrent.Callable;
+import java.util.concurrent.ExecutorService;
+import java.util.concurrent.Executors;
+import java.util.concurrent.Future;
 
 /**
  * @author nik
  */
 public class JpsProjectLoader extends JpsLoaderBase {
+  private static final ExecutorService ourThreadPool = Executors.newFixedThreadPool(2 * Runtime.getRuntime().availableProcessors());
   private final JpsProject myProject;
+  private final Map<String, String> myPathVariables;
 
   public JpsProjectLoader(JpsProject project, Map<String, String> pathVariables, File baseDir) {
     super(createMacroExpander(pathVariables, baseDir));
     myProject = project;
+    myPathVariables = pathVariables;
   }
 
   private static JpsMacroExpander createMacroExpander(Map<String, String> pathVariables, File baseDir) {
@@ -95,17 +104,32 @@ public class JpsProjectLoader extends JpsLoaderBase {
     Element componentRoot = findComponent(root, "ProjectModuleManager");
     if (componentRoot == null) return;
     final Element modules = componentRoot.getChild("modules");
+    List<Future<JpsModule>> futures = new ArrayList<Future<JpsModule>>();
     for (Element moduleElement : JDOMUtil.getChildren(modules, "module")) {
       final String path = moduleElement.getAttributeValue("filepath");
-      JpsModule module = loadModule(path);
-      myProject.addModule(module);
+      futures.add(ourThreadPool.submit(new Callable<JpsModule>() {
+        @Override
+        public JpsModule call() throws Exception {
+          return loadModule(path);
+        }
+      }));
+    }
+    try {
+      for (Future<JpsModule> future : futures) {
+        myProject.addModule(future.get());
+      }
+    }
+    catch (Exception e) {
+      throw new RuntimeException(e);
     }
   }
 
   private JpsModule loadModule(String path) {
     final File file = new File(path);
     String name = FileUtil.getNameWithoutExtension(file);
-    final Element moduleRoot = loadRootElement(file);
+    final JpsMacroExpander expander = new JpsMacroExpander(myPathVariables);
+    expander.addFileHierarchyReplacements("MODULE_DIR", file.getParentFile());
+    final Element moduleRoot = loadRootElement(file, expander);
     final String typeId = moduleRoot.getAttributeValue("type");
     final JpsModuleType<?> moduleType = getModuleType(typeId);
     final JpsModule module = createModule(name, moduleRoot, moduleType);