If you're doing a huge SELECT or batched INSERT/UPDATEs, the operation may 
be more efficient -- but the transactions will be longer, which means you 
will create issues with other connections.  unless you grab exclusive locks 
on tables, you also run a higher risk of integrity errors.

In my experience, if the DB is in active use, you'll be better off with the 
shortest transactions possible.

I'm a big fan of loading things in parallel instead of serial, but I do 
that for display -- not to select data for a long write operation.

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