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It's biggest downside was that it was limited to producing 64KB .COM files until version 4 or 5.

This is not TP compiler limit. It's format and memory model limit.

EXE (aka MZ) is using other memory models

That's what I was saying. Turbo Pascal didn't support generating EXE files until version 4.

AFAIK it was initially made to run on CP/M 8-bit systems, that 64 KB limit was a consequence.

I know I've used it on CP/M first.

It was really, really fast.