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I hear what you're saying. And no offence taken.
And you raise a couple of good points. If MPLS supporters like me are appearing to give ammo to the PBT cause I must be doing something wrong :-)
I like your reference to the cost of computing power. I remember the days when we thought OSPF would suck a CPU dry - or that a link state database would fill all the RAM on a router.
Of course Moore's Law - as it applies to both CPUs and to RAM chips - takes care of the problem faster than we can optimise code.
But when that's taken to extremes we end up with something like Windows - which is REALLY bloated :-)
MPLS as a data plane is as lightweight on a CPU as Ethernet switching. It's making the same one-pass decision vs longest prefix match for IP routing.
Yet Layer 3 switches cost more when they have MPLS on them! That, in my opinion, is a pricing decision.
Cheers,
Geoff