Java has actually made a lot of progress and is pretty impressive considering how easy it is to write.
I would guess that the stuff I am trying to do would be around 5-10 seconds on my laptop - still slow compared to the C of course.
Java has actually slowed down in the 1.4.x realm - but if you have the IBM JDK and the 1.3.x version - it can catch you off guard as to how fast it is.
The main issue I have with it is not the speed nor overhead (none of the things I do take up all that much RAM), but it is that Java currently can't be used in clustering - at least not in the ways that I'm familiar with. There are people working on that right now, so perhaps soon enough that will be an option.
I personally would chose C over Java in terms of speed, but I would choose Java over C++ - certainly not something I would have imagined myself saying in 1995 - and probably not even 2 years ago. But lately it has gotten pretty fast... (and then slowed down a bit :) - depending on which JDK "brand" and which release)
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