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After you've clicked on it, there's a bar at the top with an option to "Set basic HTML as default view"

s/there's/there was/

It's gone. That's why I'm posting about it.

It still displays "Load basic HTML (for slow connections)" at the right bottom section of the loading page. :/

Yes it does. Like I said in my first comment, I have to click it every time I load gmail, because "Set basic HTML as default view" is gone.