O(log N) == O(1) - Why not?

Question

Whenever I consider algorithms/data structures I tend to replace the log(N) parts by constants. Oh, I know log(N) diverges - but does it matter in real world applications?

Answer 1

Big-OH tells you that one algorithm is faster than another given some constant factor. If your input implies a sufficiently small constant factor, you could see great performance gains by going with a linear search rather than a log(n) search of some base.