> http://gist.github.com/468116
>
> Unless there's some logical flaw in my benchmark code, it looks like
> prepared statements run about 50% faster overall for these types of
> queries.

There's a logical flaw in your benchmark code.  The situation is a
little more nuanced

http://www.mysqlperformanceblog.com/2006/08/02/mysql-prepared-statements/

And for postgresql it can actually be significantly worse when using
prepared statements:

http://wiki.postgresql.org/wiki/FAQ#Why_is_my_query_much_slower_when_run_as_a_prepared_query.3F


However having said that, it's definitely something that could be
investigated as a feature in arel, then something we used with auto
generated methods like find_by_code_and_status.  This has come up a
bunch of times but it never really got dragged over the line because
the benefits are marginal for a lot of use cases so people lose the
motivation to do the hard & fiddly work of finishing up.

-- 
Cheers

Koz

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