I tend to be of the opinion that for modern general purpose CPUs in this era, such micro-optimizations are totally unnecessary because modern CPUs are so fast that instructions are almost free.
But do you know what's not free? Memory accesses[1]. So when I'm optimizing things, I focus on making things more cache friendly.
[1] http://gec.di.uminho.pt/discip/minf/ac0102/1000gap_proc-mem_...
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