i tend to agree. take dijkstra's algorith implemented with a fibonacci heap or something very simple like

for i = 1 to 100 if x = this do that and something with i else something else with i

easy to read, less efficient than: if x = this for i = 1 to 100 do that and something with i else for i = 1 to 100 do something else with i

from my experience, compilers usually dont hoist very well

edit: sorry, spaces didnt come out well