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dynamic compilation for scheme, with inlining, etc?

I wouldn't be surprised to find interpreted representations bigger than
machine-code. However, you can usually get byte-code to be smaller than
machine-code by factors of about 4 to 10 (higher for RISC machines, in my
limited experience), so compiling to byte-codes can win. Also, in spite of
what someone said, memory is NOT so cheap that it doesn't matter how big
the code for an application is, and I can imagine that it will never be so
for certain classes of applications.