By my understanding, when PHP encounters include (or require, or their _once versions), it looks up the file in the filesystem and parses it identically to how it would if the code were in the place of the include call (with the exception of return called in the file).
So, on a busy server, it is easily conceivable that many people will be hitting included files (for instance, the file that connects to a database, or defines global functions) repeatedly. Could this have a noticeable impact on performance?
Would it be advantageous to "compile" includes by dumping the contents of the file into the relevant places?