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How is the performance on this for very large dictionaries vs. standard python dictionary lookups?

Basically it's faster on standard soft creation as it converts on lookup. (And most use cases don't call for referencing every single key)

A really good question. I haven't looked much at the code but I'd imagine still O(1) because it's just converting the keys into a different format.

But that says nothing about whether there is a constant penalty being applied.

certainly