How efficient is define in PHP?
'define' operation itself is rather slow - confirmed by xdebug profiler.
Here is benchmarks from http://t3.dotgnu.info/blog/php/my-first-php-extension.html:
pure 'define'
380.785 fetches/sec
14.2647 mean msecs/first-responseconstants defined with 'hidef' extension
930.783 fetches/sec
6.30279 mean msecs/first-response
broken link update
The blog post referenced above has left the internet. It can still be viewed here via Wayback Machine. Here is another similar article.
The libraries the author references can be found here (apc_define_constants) and here (hidef extension).
In general, the idea of a constant is to be constant, (Sounds funny, right? ;)) inside your program. Which means that the compiler (interpreter) will replace "FOOBAR" with FOOBAR's value throughout your entire script.
So much for the theory and the advantages - if you compile. Now PHP is pretty dynamic and in most cases you will not notice a different because the PHP script is compiled with each run. Afai-can-tell you should not see a notable difference in speed between constants and variables unless you use a byte-code cache such as APC, Zend Optimizer or eAccelerator. Then it can make sense.
All other advantages/disadvantages of constants have been already noted here and can be found in the PHP manual.
php > $cat='';$f=microtime(1);$s='cowcow45';$i=9000;while ($i--){$cat.='plip'.$s.'cow';}echo microtime(1)-$f."\n";
0.00689506530762
php > $cat='';$f=microtime(1);define('s','cowcow45');$i=9000;while ($i--){$cat.='plip'.s.'cow';}echo microtime(1)-$f."\n";
0.00941896438599
This is repeatable with similar results. It looks to me like constants are a bit slower to define and/or use than variables.