I am currently using similar_text to compare a string against a list of ~50,000 which works although due to the number of comparisons it's very slow. It takes around 11 minutes to compare ~500 unique strings.
Before running this I do check the databases to see whether it has been processed in the past so everytime after the inital run it's close to instant.
I'm sure using levenshtein would be slightly faster and the LevenshteinDistance function someone posted in the manual looks interesting. Am I missing something that could make this significantly faster?