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You have to take extra time to escape any special PHP character (such as the $ to designate variables) and double quotes so that it doesn't assume it's breaking the string. That's extra time spent just formatting the code without actually taking into account the execution time. Hard coded doesn't have to deal with formatting and execution, just execution.
It's more of a performance advisory, than anything else. If you allow custom code to be executed, then you're getting into a security risk.
As people have mentioned storing PHP code in a database and then EVALing it is just plain damned SLOW plus there are many security issues pertaining to someone modifying the database. Also maintaining the code that is stored in a database is more difficult than maintining it stored as files on a drive.
I tried this in the past and it was many, many, MANY times slower to execute PHP code from a database than just loading it from disk using an include.
Anyone that stores PHP code, teamplate data, etc. in a database for parsing later is just asking for trouble because it is SLOW and INSECURE.
Set Search Time - A google chrome extension. When you search only results from the past year (or set time period) are displayed. Helps tremendously when using new technologies to avoid outdated results.