The event loop is brilliant example for how much `loop` is a full blown iteration DSL... love it or hate it ;)
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For an even sillier mind bend, I'm using tagbody to be able to directly transcribe some of Knuth's algorithms as I am learning them.
If mindbending isn't relating to its usage, but to its implementation, then I could see, how it could still be a good thing.
Common Lisp happens to be on the upper end of what loop allows – you can use it as a standard for loop pretty easily, but the interface gives you many other options.