Here are contest results showing 2.5.46-mm1 with preempt enabled. The other 
kernels have it disabled.
noload:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          75.7    91      0       0       1.06
2.5.46 [2]              74.1    92      0       0       1.04
2.5.46-mm1 [5]          74.0    93      0       0       1.04
cacherun:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          69.3    99      0       0       0.97
2.5.46 [2]              67.9    99      0       0       0.95
2.5.46-mm1 [5]          68.9    99      0       0       0.96
process_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          190.6   36      166     63      2.67
2.5.45 [5]              91.0    75      33      27      1.27
2.5.46 [1]              92.9    74      36      29      1.30
2.5.46-mm1 [5]          82.7    82      21      21      1.16
Much improved 
ctar_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          97.3    79      1       5       1.36
2.5.46 [1]              98.3    80      1       7       1.38
2.5.46-mm1 [5]          95.3    80      1       5       1.33
xtar_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          207.6   37      2       7       2.91
2.5.46 [1]              113.5   67      1       8       1.59
2.5.46-mm1 [5]          227.1   34      3       7       3.18
Whatever was causing this to be high in 2.5.44-mm6 is still there now.
io_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          284.1   28      20      10      3.98
2.5.46 [1]              600.5   13      48      12      8.41
2.5.46-mm1 [5]          134.3   58      6       8       1.88
Big change here. IO load is usually the one we feel the most.
read_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          104.3   73      7       4       1.46
2.5.46 [1]              103.5   75      7       4       1.45
2.5.46-mm1 [5]          103.2   74      6       4       1.45
list_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          95.3    75      1       20      1.33
2.5.46 [1]              96.8    74      2       22      1.36
2.5.46-mm1 [5]          101.4   70      1       22      1.42
mem_load:
Kernel [runs]           Time    CPU%    Loads   LCPU%   Ratio
2.5.44-mm6 [3]          226.9   33      50      2       3.18
2.5.46 [3]              148.0   51      34      2       2.07
2.5.46-mm1 [5]          180.5   41      35      1       2.53
And this remains relatively high but better than 2.5.44-mm6
Unfortunately I've only run this with preempt enabled so far and I believe 
many of the improvements are showing this effect.
Con.
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