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My two cents to this precompiled code issue:

The compiler is in a position to (theoretically) construct VM code that
is safe. Safe in a sense that it doesn't, say, do things or call
functions that it's not supposed to. This is not the case with
precompiled code in a string, since it can contain about anything that
the VM can do. 
<paranoia mode on>
The only place for precompiled code that resides in memory is in a data
type that has no other access possibilities but execution and might have
some cryptographic signature in order to prove that it has not been
altered in some way.
<paranoia mode off>
Other than that, precompiled code in memory is something that I would
have found useful some time ago.