With an Assembler background, you must know Not (A = B) is two operations, while A <> B is just one. A good compiler can restructure the expression to reduce it in the object code, but who knows how well VBA optimizes?
I ran a benchmark to compare the two. Even though I used a For loop of 20,000 iterations and did the expression evaluation 50 times in the loop, giving 1 million calculations, I couldn't get either of them to register taking any time at all. Maybe VBA has some pretty global optimization after all? Did it throw away 49 of my statements within the loop? Did it even eliminate the loop entirely, since I didn't use the result value anywhere? I wish Microsoft would actually document this stuff sometimes. Rick Sprague