(byte-optimize-form-code-walker):

Walk into the body of lambdas after byte-compile-unfold-lambda.

lisp/ChangeLog

@@ -1,3 +1,8 @@
+2008-03-03  Stefan Monnier  <monnier@iro.umontreal.ca>
+
+	* emacs-lisp/byte-opt.el (byte-optimize-form-code-walker):
+	Walk into the body of lambdas after byte-compile-unfold-lambda.
+
 2008-03-03  Glenn Morris  <rgm@gnu.org>
 
 	* emulation/viper-util.el (viper-frame-value): Prefer buffer-local

lisp/emacs-lisp/byte-opt.el

@@ -383,7 +383,9 @@
 		form))
 	  ((or (byte-code-function-p fn)
 	       (eq 'lambda (car-safe fn)))
-	   (byte-compile-unfold-lambda form))
+           (byte-optimize-form-code-walker
+            (byte-compile-unfold-lambda form)
+            for-effect))
 	  ((memq fn '(let let*))
 	   ;; recursively enter the optimizer for the bindings and body
 	   ;; of a let or let*.  This for depth-firstness: forms that