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re: I intended not to require that it not be a "proper" subtype in the 
    sense that there may be no data items that are FUNCTIONP but not 

Lucid Common Lisp distinguishes "compiled" closures which exist for the
purpose of supporting entry into the interpreter from functions which are
truly compiled.  It only takes a bit in a header word.  If an implementation
really doesn't support an interpreter, then having every function be
COMPILED-FUNCTIONP  doesn't sound like much of a loss.  

But most implementations in fact do support an interpreter -- which 
typically runs code at anywhere from 30 to 600 times slower than when
compiled.  Thus it seems reasonable to require COMPILED-FUNCTIONP in
those implementations to be false on, say,
	(eval '#'(lambda (x) (list x)))
no matter what underlying technique is used to support interpreter closures.

-- JonL --