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The attached program completes in less than half a second under Python 2.5. Under Python 3 it takes almost three minutes on the same system. The issue appears to be heavy use of decoding, at least in a Windows system, during creation of the mailbox toc. The disparity may be less remarkable when not profiling.
Further attachments will include a test data file (a Thunderbird mailbox taken from the same host system) and profiler outputs from the 2.5 and 3.1 runs of this program.