Lambda the Ultimate

I once worked on an IBM 360 coding COBOL programs, and we were lucky to get two compilations a day. We spend most of our time staring at listings and punched cards trying to find bugs, including syntax errors.

Since that time, compilation times have improved greatly, and computer speeds are stellar. Yet, I sometimes see a comment about compilers needing to be fast.

Is the concern over compiler speeds still warranted, or is it just a ghost from the past? I realize compilers are doing more now than previously. Are they really doing things that take thousands of times more time?