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The macros davidxc mentions are a big win. The important point about Lisp macros is that they are not a separate technology you have to learn, as you have with Camlp4. Once you know Lisp, you automatically know macros.

Lisps are also much better at reflection than the MLs. In Common Lisp, you can rebind function symbols from a backtrace, and then carry on as if nothing happened. Changing a class definition updates every instance in the system to conform to that new definition, which makes interactive testing a joy. You can get hold of your namespaces as Lisp objects and interact with them as any other data structure, and see the effects reflected correctly in your runtime. CLOS is the peak of this sort of thing. And most lisps allow you to save a snapshot of the runtime image, which is awesome.

The MLs were originally written in Lisp, and inherit some of these features, but Ocaml, not so much. Still, I love Ocaml.

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