Is the size of jQuery detrimental?

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Before I start learning how to use the jQuery library I want to reassure myself about something that is concerning me with regards to the size of the file...

I'm well aware that browsers and servers cache files such as jQuery - meaning, in theory, that the file should only be downloaded the once, and therefore speed of subsequent use is increased.

My questions is more about how browsers handle javascript files, and whether there is a detrimental effect in having a 32k code file being processed by the browser each and everytime a page is loaded? It's not just the size of the file either, but the complexity of it at the same time.

Or is my understanding incorrect, and that browsers not only cache the javascript file, but also some sort of "compiled" version of that file? (Yes, I know javascript is not actually "compiled", but hopefully you know what I mean.)

I guess the majority of browsers have the ability to process the file quickly enough that it will make next-to-no difference, and that the speed benefit of having to process less code written to utilise jQuery makes up for it.

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