> Does it mean that C-M-x is different than loading? Yes.
> Or C-x C-e, for that matter?
As well.
> Is this covered by the manual? (If not, it might need correcting.)
Not really. The basic idea is that macroexpansion can take place
*anytime* (tho, before the code is actually executed). If you care
about when expansion takes place you probably have a bug.
Stefan
