Using xhprof php profiler I can see there is much more then 100000 calls to function_exists each time user accesses a Drupal 7.8 page, mostly from _theme_process_registry.
What to do to limit the number of or cache these calls ?
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I found there is already an issue related to this on drupal.org: Performance: optimize building theme registry by using get_defined_functions() instead of function_exists()