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The literals were just an example. And personally I find it more explicit, which is my original point.

If its faster to run, then fair enough.

Using your example, I think

"My name is {name}, I'm {feet} tall and live in {location}.".format(name="Bob", location="USA", feet=7)

is less explicit than

"My name is Bob, I'm 7 feet tall and live in USA."

and that last one is faster to run ;-)

Yes it is.

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