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space/time in byte code/native code (was dynamic compilation)

>I don't think reason (1) is very compelling these days, because the size of
>compiled code is not an issue with today's computers...

I disagree, in some contexts.  It certainly matters a lot on my home
computer; some programs won't fit on a floppy.  

Loading time also matters.  If a program like `more' takes a few seconds to
load, it is very annoying.

-- Bard