Beware of memory-leaks, the garbage-collection seems to 'oversee' dynamically created functions!
I used a function like this to replace special characters in links with their htmlentities:
<?php
$text = preg_replace_callback (
"/(<(frame src|a href|form action)=\")([^\"]+)(\"[^>]*>)/i",
create_function (
'$matches',
'return $matches[1] . htmlentities ($matches[3]) . $matches[4];'
),
$text);
?>
After 1000 calls, the process used about 5MB more than before. In my situation this boosted up the memory-size of one PHP-process up to over 100MB!
In such cases, better store the function in a global variable.