By modern hardware I assume you do not mean x86? Self-modifying code (without flushing the I-cache) is still allowed even on the latest processors. Modern OSes indeed do not mark all pages read/execute by default, but that takes a 1-line mprotect() or VirtualProtect() to change. Also, on RISC architectures, D-caches are generally not cleared as part of that process. After all, you are writing instructions, not data.