How much of a bottleneck is memory allocation/deallocation in typical real-world programs? Answers from any type of program where performance typically matters are welcome.
Nearly every high performance application now has to use threads to exploit parallel computation. This is where the real memory allocation speed killer comes in when writing C/C++ applications.
In a C or C++ application, malloc/new must take a lock on the global heap for every operation. Even without contention locks are far from free and should be avoided as much as possible.
Java and C# are better at this because threading was designed in from the start and the memory allocators work from per-thread pools. This can be done in C/C++ as well, but it isn't automatic.