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Linus Torvalds Expresses His Hatred For Case-Insensitive File-Systems
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That –at best– gives you the same performance.
EDIT: Ok, I misunderstood – you meant the performance of "case insensitive in kernel" vs. "case insensitive in userspace". I get your point now.
No? Either the application implements its own case-insensitive index, or you'll have strictly worse performance than an implementation in the file system. The application would have to make multiple syscalls (which have a fixed overhead).