... a prepared version that is local to the backend that invokes the function, yes (i.e. it will be planned once per backend). So ISTM this is equivalent functionality to what you can get using PREPARE or the extended query protocol.
Are you sure it's only per-backend? I thought I tested it and it seemed to prepare it everywhere... oh well.
Either way, it avoids the problem with prepared queries in that you cannot know in advance if your query has already been prepared or not.
Chris
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