Hey guys,

thanks for all the quick replies! In addition to the tips Peter and 
Stuart gave me above, I also followed some of the hints found under

http://wiki.python.org/moin/PythonSpeed/PerformanceTips

That greatly improved performance from about 3 minutes initially (inner 
loop about 2000, outer loop about 10000 runs - I think) down to a few 
seconds. My question on the inline function call was triggered by the 3 
minute run on a pretty small statistic (10000 events) Monte Carlo 
sample. Now, I'm much more relaxed! :)

One of the biggest improvements in addition to using psyco was actually 
being careful about avoiding global namespace lookup.

So, thanks again, I learned a great deal about efficient python coding 
today! :)

Cheers,

             Riko
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