Will the strlen() function below get called just once (with the value stored for further comparisons); or is it going to be called every time the comparison is performed?
That's implementation-dependent. Usually, it gets called every time, but, if the compiler can see that word never changes, and that strlen is a pure function (no side effects), it can lift the call.
See: http://underhanded.xcott.com/?page_id=15 for a well-known example of this being exploited. :-)