John,

This is not a good example, in .NET ultimately it all gets compiled either in a single step or by the JIT technology.

The other big difference between p-code and the .NET IL is that you can actually write and compile a program using IL instructions whereas p-code is usually a proprietry representation of the symbol tables and tokens in a manner optimised for the back-end executor.

Of course this is just my 2p worth.

Neil