So far there hasn't been a lot of entries to the latest Code Challenge so I suppose I might have overestimated the abilities of you, my honorable readers.
In fact, the only entry I received was from Peter Thygesen and he admits to actually just having adopted an algorithm by Paul Hsieh.
However just for the fun I compared it to the build-in string hashing algorithm (.GetHashCode()).
The comparison I did was fairly simple: I took 1.000.000 fairly random unique strings (well - actually Guids as strings) and timed how long time it cumulative took to run the algorithms. I also checked how many duplicate hash-codes each algorithm resulted in.
It turns out they were pretty equal.
The build-in algorithm had 114 duplicate hash-codes and took 15275 ms. while Mr. Thygesens entry had 115 duplicates and took 15318 ms.
Thanks for playing, Peter - but I think we have to declare this a no-win :-)
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