@Araq: As far as I can tell, when a macro has side-effects (e.g. echo), its 
invocations get re-evaluated, even if the macro itself and the modules 
containing the invocations remain unchanged. Is the compiler smart enough to 
only do that with macros that have side-effects? What happens if the macro 
breaks referential transparency in a trickier way (e.g. it generates code based 
on the contents of a file)?

@Stefan_Salewski: I hope you're wrong, because that would defeat the purpose of 
having a cache in the first place.

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