I had to know... ;-)

Output:

version one:    0.56761503219604 seconds
version two:    0.3099730014801 seconds
version three:  0.36320495605469 secondss

So the boolean (V2)is faster:

Mine is slightly slower by a 'smidge' (0.06 seconds)

Top one is cleanest but slower.

--- test ---

<?php
function getmicrotime(){ 
    list($usec, $sec) = explode(" ",microtime()); 
    return ((float)$usec + (float)$sec); 
} 

$ITERATIONS = 100000;

$time_start = getmicrotime();
for ($i = 1; $i < $ITERATIONS; $i++)
{
        $bgcolor = ($bgcolor == '#E3E8F0') ? '#C7D0E2' : '#E3E8F0';
}
$time_end = getmicrotime();
$time1 = $time_end - $time_start;
echo "version one: \t$time1 seconds<P>\n";

$time_start = getmicrotime();
$tf = TRUE;
for ($i = 1; $i < $ITERATIONS; $i++)
{
        $tf=!$tf;
        ($tf) ? "'C7D0E2" : "E3E8F0";
}
$time_end = getmicrotime();
$time2 = $time_end - $time_start;
echo "version two: \t$time2 seconds<P>\n";

$time_start = getmicrotime();
$r = 0;
for ($i = 1; $i < $ITERATIONS; $i++)
{
        (($r++ % 2 == 0) ? "'C7D0E2" : "E3E8F0");
}
$time_end = getmicrotime();
$time3 = $time_end - $time_start;
echo "version three: \t$time3 seconds<P>\n";
?>


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