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At least one "wizard" at Lucid was thoroughly confused by the
example.  Perhaps it needs to be fleshed out.

I liked Aaron Larson's comment on the matter:
   "I was under the impression that the only loophole permitting the 
    compiler to copy/substitute otherwise non EQ forms was with regard 
    to QUOTE."
That is, one might conceivable think of coalescing the two calls to
LOAD-TIME-VALUE  because of a sort of similarity to QUOTE.  But as
Aaron further noted, the compiler cannot reduce the calls to CONS
in the structurally isomorphic form:
   (EQ #1=(CONS 'A 'B) #1#)
So why should LOAD-TIME-VALUE be any different.

Also your comment about constraints on the interpreter could be helpful:
  ". . . but it's not legitimate to cache LOAD-TIME-VALUE forms and 
    resulting values and do a lookup based on EQness of source code 

-- JonL --