Doh.
I'm thinking in primitive mode, not x86_64 mode. Prefetch/wide bus/speculative exec means both outcomes are computed before the branch and at least the first instructions of the near code are probably already pre-fetched...
As to optimizations, I believe I had them on (in source code) - that should cover that condition.
But a very valid point so I'll dig in again after work.
Thx.