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Getting the following message when loading above URL:
Fatal error: Allowed memory size of 52428800 bytes exhausted (tried to allocate 2474467 bytes) 
in /usr/local/apache/common-local/php-1.5/includes/Parser.php on line 3582

Well, that's not terribly surprising.

Works for me. The new template expansion limits should prevent memory exhaustion
in these kinds of cases, although the limit isn't actually hit here.