Attached is a v3, where I have updated inaccurate comments.

Attached v4 is a rebase after 409231919443984635b7ae9b7e2e261ab984eb1e

--
Fabien.
diff --git a/src/bin/pgbench/pgbench.c b/src/bin/pgbench/pgbench.c
index 73d3de0677..ed6ff75426 100644
--- a/src/bin/pgbench/pgbench.c
+++ b/src/bin/pgbench/pgbench.c
@@ -295,23 +295,31 @@ typedef enum
 	/*
 	 * The client must first choose a script to execute.  Once chosen, it can
 	 * either be throttled (state CSTATE_START_THROTTLE under --rate) or start
-	 * right away (state CSTATE_START_TX).
+	 * right away (state CSTATE_START_TX) or not start at all if the timer was
+	 * exceeded (state CSTATE_FINISHED).
 	 */
 	CSTATE_CHOOSE_SCRIPT,
 
 	/*
 	 * In CSTATE_START_THROTTLE state, we calculate when to begin the next
 	 * transaction, and advance to CSTATE_THROTTLE.  CSTATE_THROTTLE state
-	 * sleeps until that moment.  (If throttling is not enabled, doCustom()
-	 * falls directly through from CSTATE_START_THROTTLE to CSTATE_START_TX.)
+	 * sleeps until that moment.
+	 *
+	 * It may also detect that the next transaction would start beyond the end
+	 * of run, and switch to CSTATE_FINISHED.
 	 */
 	CSTATE_START_THROTTLE,
 	CSTATE_THROTTLE,
 
 	/*
 	 * CSTATE_START_TX performs start-of-transaction processing.  Establishes
-	 * a new connection for the transaction, in --connect mode, and records
-	 * the transaction start time.
+	 * a new connection for the transaction in --connect mode, records
+	 * the transaction start time, and proceed to the first command.
+	 *
+	 * Note: once a script is started, it will either error or run till
+	 * its end, where it may be interrupted. It is not interrupted while
+	 * running, so pgbench --time is to be understood as tx are allowed to
+	 * start in that time, and will finish when their work is completed.
 	 */
 	CSTATE_START_TX,
 
@@ -324,9 +332,6 @@ typedef enum
 	 * and we enter the CSTATE_SLEEP state to wait for it to expire. Other
 	 * meta-commands are executed immediately.
 	 *
-	 * CSTATE_SKIP_COMMAND for conditional branches which are not executed,
-	 * quickly skip commands that do not need any evaluation.
-	 *
 	 * CSTATE_WAIT_RESULT waits until we get a result set back from the server
 	 * for the current command.
 	 *
@@ -334,19 +339,25 @@ typedef enum
 	 *
 	 * CSTATE_END_COMMAND records the end-of-command timestamp, increments the
 	 * command counter, and loops back to CSTATE_START_COMMAND state.
+	 *
+	 * CSTATE_SKIP_COMMAND is used by conditional branches which are not
+	 * executed. It quickly skip commands that do not need any evaluation.
+	 * This state can move forward several commands, till there is something
+	 * to do or the end of the script.
 	 */
 	CSTATE_START_COMMAND,
-	CSTATE_SKIP_COMMAND,
 	CSTATE_WAIT_RESULT,
 	CSTATE_SLEEP,
 	CSTATE_END_COMMAND,
+	CSTATE_SKIP_COMMAND,
 
 	/*
-	 * CSTATE_END_TX performs end-of-transaction processing.  Calculates
-	 * latency, and logs the transaction.  In --connect mode, closes the
-	 * current connection.  Chooses the next script to execute and starts over
-	 * in CSTATE_START_THROTTLE state, or enters CSTATE_FINISHED if we have no
-	 * more work to do.
+	 * CSTATE_END_TX performs end-of-transaction processing.  It calculates
+	 * latency, and logs the transaction.  In --connect mode, it closes the
+	 * current connection.
+	 *
+	 * Then either starts over in CSTATE_CHOOSE_SCRIPT, or enters CSTATE_FINISHED
+	 * if we have no more work to do.
 	 */
 	CSTATE_END_TX,
 
@@ -2821,16 +2832,13 @@ evaluateSleep(CState *st, int argc, char **argv, int *usecs)
 
 /*
  * Advance the state machine of a connection, if possible.
+ *
+ * All state changes are performed within this function called
+ * by threadRun.
  */
 static void
 doCustom(TState *thread, CState *st, StatsData *agg)
 {
-	PGresult   *res;
-	Command    *command;
-	instr_time	now;
-	bool		end_tx_processed = false;
-	int64		wait;
-
 	/*
 	 * gettimeofday() isn't free, so we get the current timestamp lazily the
 	 * first time it's needed, and reuse the same value throughout this
@@ -2839,37 +2847,44 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 	 * means "not set yet".  Reset "now" when we execute shell commands or
 	 * expressions, which might take a non-negligible amount of time, though.
 	 */
+	instr_time	now;
 	INSTR_TIME_SET_ZERO(now);
 
 	/*
 	 * Loop in the state machine, until we have to wait for a result from the
-	 * server (or have to sleep, for throttling or for \sleep).
+	 * server or have to sleep for throttling or \sleep.
 	 *
 	 * Note: In the switch-statement below, 'break' will loop back here,
 	 * meaning "continue in the state machine".  Return is used to return to
-	 * the caller.
+	 * the caller, giving the thread opportunity to move forward another client.
 	 */
 	for (;;)
 	{
+		PGresult   *res;
+		Command    *command;
+
 		switch (st->state)
 		{
 				/*
 				 * Select transaction to run.
 				 */
 			case CSTATE_CHOOSE_SCRIPT:
-
 				st->use_file = chooseScript(thread);
 
 				if (debug)
 					fprintf(stderr, "client %d executing script \"%s\"\n", st->id,
 							sql_script[st->use_file].desc);
 
-				if (throttle_delay > 0)
+				/* check stack consistency */
+				Assert(conditional_stack_empty(st->cstack));
+
+				if (timer_exceeded)
+					st->state = CSTATE_FINISHED;
+				else if (throttle_delay > 0)
 					st->state = CSTATE_START_THROTTLE;
 				else
 					st->state = CSTATE_START_TX;
-				/* check consistency */
-				Assert(conditional_stack_empty(st->cstack));
+
 				break;
 
 				/*
@@ -2887,21 +2902,10 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 				 * away.
 				 */
 				Assert(throttle_delay > 0);
-				wait = getPoissonRand(&thread->ts_throttle_rs, throttle_delay);
 
-				thread->throttle_trigger += wait;
+				thread->throttle_trigger += getPoissonRand(&thread->ts_throttle_rs, throttle_delay);
 				st->txn_scheduled = thread->throttle_trigger;
 
-				/*
-				 * stop client if next transaction is beyond pgbench end of
-				 * execution
-				 */
-				if (duration > 0 && st->txn_scheduled > end_time)
-				{
-					st->state = CSTATE_FINISHED;
-					break;
-				}
-
 				/*
 				 * If --latency-limit is used, and this slot is already late
 				 * so that the transaction will miss the latency limit even if
@@ -2913,20 +2917,20 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 				{
 					int64		now_us;
 
-					if (INSTR_TIME_IS_ZERO(now))
-						INSTR_TIME_SET_CURRENT(now);
+					INSTR_TIME_SET_CURRENT_LAZY(now);
 					now_us = INSTR_TIME_GET_MICROSEC(now);
+
 					while (thread->throttle_trigger < now_us - latency_limit &&
 						   (nxacts <= 0 || st->cnt < nxacts))
 					{
 						processXactStats(thread, st, &now, true, agg);
 						/* next rendez-vous */
-						wait = getPoissonRand(&thread->ts_throttle_rs,
-											  throttle_delay);
-						thread->throttle_trigger += wait;
+						thread->throttle_trigger +=
+							getPoissonRand(&thread->ts_throttle_rs, throttle_delay);
 						st->txn_scheduled = thread->throttle_trigger;
 					}
-					/* stop client if -t exceeded */
+
+					/* stop client if -t was exceeded in the previous skip loop */
 					if (nxacts > 0 && st->cnt >= nxacts)
 					{
 						st->state = CSTATE_FINISHED;
@@ -2934,38 +2938,45 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 					}
 				}
 
+				/*
+				 * stop client if next transaction is beyond pgbench end of
+				 * execution.
+				 */
+				if (duration > 0 && st->txn_scheduled > end_time)
+				{
+					st->state = CSTATE_FINISHED;
+					break;
+				}
+
 				st->state = CSTATE_THROTTLE;
-				if (debug)
-					fprintf(stderr, "client %d throttling " INT64_FORMAT " us\n",
-							st->id, wait);
 				break;
 
 				/*
 				 * Wait until it's time to start next transaction.
 				 */
 			case CSTATE_THROTTLE:
-				if (INSTR_TIME_IS_ZERO(now))
-					INSTR_TIME_SET_CURRENT(now);
+
+				INSTR_TIME_SET_CURRENT_LAZY(now);
+
 				if (INSTR_TIME_GET_MICROSEC(now) < st->txn_scheduled)
-					return;		/* Still sleeping, nothing to do here */
+					return;		/* still sleeping, nothing to do here */
 
-				/* Else done sleeping, start the transaction */
-				st->state = CSTATE_START_TX;
+				/* done sleeping, but do not start if transaction if we are done */
+				if (timer_exceeded)
+					st->state = CSTATE_FINISHED;
+				else
+					st->state = CSTATE_START_TX;
 				break;
 
 				/* Start new transaction */
 			case CSTATE_START_TX:
 
-				/*
-				 * Establish connection on first call, or if is_connect is
-				 * true.
-				 */
+				/* establish connection if needed, i.e. under --connect */
 				if (st->con == NULL)
 				{
 					instr_time	start;
 
-					if (INSTR_TIME_IS_ZERO(now))
-						INSTR_TIME_SET_CURRENT(now);
+					INSTR_TIME_SET_CURRENT_LAZY(now);
 					start = now;
 					if ((st->con = doConnect()) == NULL)
 					{
@@ -2981,28 +2992,20 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 					memset(st->prepared, 0, sizeof(st->prepared));
 				}
 
+				/* record transaction start time.  */
+				INSTR_TIME_SET_CURRENT_LAZY(now);
+				st->txn_begin = now;
+
 				/*
-				 * Record transaction start time under logging, progress or
-				 * throttling.
+				 * When not throttling, this is also the transaction's
+				 * scheduled start time.
 				 */
-				if (use_log || progress || throttle_delay || latency_limit ||
-					per_script_stats)
-				{
-					if (INSTR_TIME_IS_ZERO(now))
-						INSTR_TIME_SET_CURRENT(now);
-					st->txn_begin = now;
-
-					/*
-					 * When not throttling, this is also the transaction's
-					 * scheduled start time.
-					 */
-					if (!throttle_delay)
-						st->txn_scheduled = INSTR_TIME_GET_MICROSEC(now);
-				}
+				if (!throttle_delay)
+					st->txn_scheduled = INSTR_TIME_GET_MICROSEC(now);
 
 				/* Begin with the first command */
-				st->command = 0;
 				st->state = CSTATE_START_COMMAND;
+				st->command = 0;
 				break;
 
 				/*
@@ -3021,17 +3024,11 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 					break;
 				}
 
-				/*
-				 * Record statement start time if per-command latencies are
-				 * requested
-				 */
-				if (is_latencies)
-				{
-					if (INSTR_TIME_IS_ZERO(now))
-						INSTR_TIME_SET_CURRENT(now);
-					st->stmt_begin = now;
-				}
+				/* record statement start time. */
+				INSTR_TIME_SET_CURRENT_LAZY(now);
+				st->stmt_begin = now;
 
+				/* execute the command */
 				if (command->type == SQL_COMMAND)
 				{
 					if (!sendCommand(st, command))
@@ -3074,8 +3071,8 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 							break;
 						}
 
-						if (INSTR_TIME_IS_ZERO(now))
-							INSTR_TIME_SET_CURRENT(now);
+						INSTR_TIME_SET_CURRENT_LAZY(now);
+
 						st->sleep_until = INSTR_TIME_GET_MICROSEC(now) + usec;
 						st->state = CSTATE_SLEEP;
 						break;
@@ -3126,10 +3123,7 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 							}
 							else	/* elif */
 							{
-								/*
-								 * we should get here only if the "elif"
-								 * needed evaluation
-								 */
+								/* we should get here only if the "elif" needed evaluation */
 								Assert(conditional_stack_peek(st->cstack) == IFSTATE_FALSE);
 								conditional_stack_poke(st->cstack, cond ? IFSTATE_TRUE : IFSTATE_FALSE);
 							}
@@ -3161,43 +3155,23 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 					}
 					else if (command->meta == META_SETSHELL)
 					{
-						bool		ret = runShellCommand(st, argv[1], argv + 2, argc - 2);
-
-						if (timer_exceeded) /* timeout */
-						{
-							st->state = CSTATE_FINISHED;
-							break;
-						}
-						else if (!ret)	/* on error */
+						if (!runShellCommand(st, argv[1], argv + 2, argc - 2))
 						{
 							commandFailed(st, "setshell", "execution of meta-command failed");
 							st->state = CSTATE_ABORTED;
 							break;
 						}
-						else
-						{
-							/* succeeded */
-						}
+						/* else success */
 					}
 					else if (command->meta == META_SHELL)
 					{
-						bool		ret = runShellCommand(st, NULL, argv + 1, argc - 1);
-
-						if (timer_exceeded) /* timeout */
-						{
-							st->state = CSTATE_FINISHED;
-							break;
-						}
-						else if (!ret)	/* on error */
+						if (!runShellCommand(st, NULL, argv + 1, argc - 1))
 						{
 							commandFailed(st, "shell", "execution of meta-command failed");
 							st->state = CSTATE_ABORTED;
 							break;
 						}
-						else
-						{
-							/* succeeded */
-						}
+						/* else success */
 					}
 
 			move_to_end_command:
@@ -3299,6 +3273,7 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 					}
 
 					if (st->state != CSTATE_SKIP_COMMAND)
+						/* out of quick skip command loop */
 						break;
 				}
 				break;
@@ -3348,10 +3323,9 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 				 * instead of CSTATE_START_TX.
 				 */
 			case CSTATE_SLEEP:
-				if (INSTR_TIME_IS_ZERO(now))
-					INSTR_TIME_SET_CURRENT(now);
+				INSTR_TIME_SET_CURRENT_LAZY(now);
 				if (INSTR_TIME_GET_MICROSEC(now) < st->sleep_until)
-					return;		/* Still sleeping, nothing to do here */
+					return;		/* still sleeping, nothing to do here */
 				/* Else done sleeping. */
 				st->state = CSTATE_END_COMMAND;
 				break;
@@ -3366,17 +3340,13 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 				 * in thread-local data structure, if per-command latencies
 				 * are requested.
 				 */
-				if (is_latencies)
-				{
-					if (INSTR_TIME_IS_ZERO(now))
-						INSTR_TIME_SET_CURRENT(now);
+				INSTR_TIME_SET_CURRENT_LAZY(now);
 
-					/* XXX could use a mutex here, but we choose not to */
-					command = sql_script[st->use_file].commands[st->command];
-					addToSimpleStats(&command->stats,
-									 INSTR_TIME_GET_DOUBLE(now) -
-									 INSTR_TIME_GET_DOUBLE(st->stmt_begin));
-				}
+				/* XXX could use a mutex here, but we choose not to */
+				command = sql_script[st->use_file].commands[st->command];
+				addToSimpleStats(&command->stats,
+								 INSTR_TIME_GET_DOUBLE(now) -
+								 INSTR_TIME_GET_DOUBLE(st->stmt_begin));
 
 				/* Go ahead with next command, to be executed or skipped */
 				st->command++;
@@ -3385,19 +3355,15 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 				break;
 
 				/*
-				 * End of transaction.
+				 * End of transaction (end of script, really).
 				 */
 			case CSTATE_END_TX:
 
 				/* transaction finished: calculate latency and do log */
 				processXactStats(thread, st, &now, false, agg);
 
-				/* conditional stack must be empty */
-				if (!conditional_stack_empty(st->cstack))
-				{
-					fprintf(stderr, "end of script reached within a conditional, missing \\endif\n");
-					exit(1);
-				}
+				/* missing \endif... cannot happen if CheckConditional was okay */
+				Assert(conditional_stack_empty(st->cstack));
 
 				if (is_connect)
 				{
@@ -3411,26 +3377,17 @@ doCustom(TState *thread, CState *st, StatsData *agg)
 					st->state = CSTATE_FINISHED;
 					break;
 				}
+				else
+				{
+					/* next transaction */
+					st->state = CSTATE_CHOOSE_SCRIPT;
 
-				/*
-				 * No transaction is underway anymore.
-				 */
-				st->state = CSTATE_CHOOSE_SCRIPT;
-
-				/*
-				 * If we paced through all commands in the script in this
-				 * loop, without returning to the caller even once, do it now.
-				 * This gives the thread a chance to process other
-				 * connections, and to do progress reporting.  This can
-				 * currently only happen if the script consists entirely of
-				 * meta-commands.
-				 */
-				if (end_tx_processed)
+					/*
+					 * Ensure that we always return on this point, so as
+					 * to avoid an infinite loop if the script only contains
+					 * meta commands.
+					 */
 					return;
-				else
-				{
-					end_tx_processed = true;
-					break;
 				}
 
 				/*
@@ -3544,8 +3501,7 @@ processXactStats(TState *thread, CState *st, instr_time *now,
 
 	if (detailed && !skipped)
 	{
-		if (INSTR_TIME_IS_ZERO(*now))
-			INSTR_TIME_SET_CURRENT(*now);
+		INSTR_TIME_SET_CURRENT_LAZY(*now);
 
 		/* compute latency & lag */
 		latency = INSTR_TIME_GET_MICROSEC(*now) - st->txn_scheduled;
@@ -5809,7 +5765,7 @@ threadRun(void *arg)
 
 	if (!is_connect)
 	{
-		/* make connections to the database */
+		/* make connections to the database before starting */
 		for (i = 0; i < nstate; i++)
 		{
 			if ((state[i].con = doConnect()) == NULL)
@@ -5845,14 +5801,7 @@ threadRun(void *arg)
 		{
 			CState	   *st = &state[i];
 
-			if (st->state == CSTATE_THROTTLE && timer_exceeded)
-			{
-				/* interrupt client that has not started a transaction */
-				st->state = CSTATE_FINISHED;
-				finishCon(st);
-				remains--;
-			}
-			else if (st->state == CSTATE_SLEEP || st->state == CSTATE_THROTTLE)
+			if (st->state == CSTATE_SLEEP || st->state == CSTATE_THROTTLE)
 			{
 				/* a nap from the script, or under throttling */
 				int64		this_usec;
diff --git a/src/include/portability/instr_time.h b/src/include/portability/instr_time.h
index f968444671..c46f6825bb 100644
--- a/src/include/portability/instr_time.h
+++ b/src/include/portability/instr_time.h
@@ -20,6 +20,8 @@
  *
  * INSTR_TIME_SET_CURRENT(t)		set t to current time
  *
+ * INSTR_TIME_SET_CURRENT_LAZY(t)	set t to current time if t is zero
+ *
  * INSTR_TIME_ADD(x, y)				x += y
  *
  * INSTR_TIME_SUBTRACT(x, y)		x -= y
@@ -245,4 +247,9 @@ GetTimerFrequency(void)
 
 #endif							/* WIN32 */
 
+/* same macro on all platforms */
+#define INSTR_TIME_SET_CURRENT_LAZY(t) \
+	if (INSTR_TIME_IS_ZERO(t)) \
+		INSTR_TIME_SET_CURRENT(t)
+
 #endif							/* INSTR_TIME_H */

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