Constant propagation can break C code, if you're coding strictly to the spec: http://t.co/4bl7iaHho5 (crikey!)
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Rust is doing constant propagation on its internal IR before monomorphisation. This can give faster compiles because LLVM is given less code!
I used to think DCE and constant propagation were pointless: eg clean code shouldn't have dead sections. But inlining creates opportunities!
What does the 80/20 rule look like in compiler optimisation? I suspect basic constant propagation and DCE gets you a respectable speedup.