I had always harboured the suspicion that parse_ini_file is dismally slow, and that storing variables in arrays in PHP files is faster. But there's this 2004 article that says otherwise:
And lastly we test storing configuration parameters in an INI file or in a PHP file as an associative array. We found that storing in an INI file and using parse_ini_file() is faster than parsing a PHP file.
I won't entirely believe this until I test it myself when I get around to it some time. But the article (and the magazine) look solid enough to be taken seriously.