What does Predef.locally do, and how is it different from Predef.identity

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Looking through the Scala 2.8 Predef class, I find that there is a method "locally". As near as I can tell, it's the same as Predef.identity, except for having the "@inline" annotation. What's it for, and why is it important enough to be in Predef (and thus usable anywhere in Scala)?

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