A better question would be, there's tremendous deadline pressure, the company is in imminent danger of losing a giant deal if we don't have working code for some demo, and you have three features to implement by Monday afternoon. Do you write a new feature immediately, open a ticket for refactoring this loop and then write a new feature, or rehearse your explanation to the big boss that over the lifetime of the software, rewriting the code before adding a new feature was more important?
http://raganwald.posterous.com/javas-comb-over
Just kidding, but trying to make the point that "what do you think of this code" is a little obvious as an interview question.