Eli Zaretskii <eliz@gnu.org> writes:

> Thanks, sounds like a good optimization to me.

Splendid!

I cleaned it up a bit and ran a few tests against the original function
using an empty string, a string without anything to replace and a string
requiring many replacements.  It seems to behave just as the original.

I use cl-flet and (eval-when-compile (require 'cl-lib)).  I hope that is
ok.

Regards,
Raffael