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  my @all_but_one = splice( @$arrayref, 0, -1 );

#! /usr/bin/perl -w

...
                Rate  long_range long_splice
long_range    25.2/s          --       -100%
long_splice 128000/s     508600%          --

enchmark: timing 300000 iterations of short_range, short_splice...
short_range:  2 wallclock secs ( 1.16 usr +  0.00 sys =  1.16 CPU) @ 2
+59459.46/s (n=300000)
...
                Rate  long_range long_splice
long_range    5362/s          --        -99%
long_splice 400000/s       7359%          --