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If it's used more than once in the script, the data only appears in memory once. If you use the define, the memory is allocated for each time it's referenced.
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It's optimized for memory consumption not for speed.
The macros are replaced at compile-time so even if the same data is held multiple times, it resides in the same segment thus improving RT efficiency.
I do believe that in terms of HL scripting optimizations should be done for speed rather than memory consumption.