[constexpr]

There are two performance implications of "modularization": initialization-time and run-time.

You are correct that initializing many modules is usually slower than initializing one module [1]. However, bundling puts all modules into one file, so this PR doesn't actually change anything here. Both before and after this PR, the TypeScript compiler will be published as a single file.

At run-time, switching to ES modules from another JavaScript module system can be a significant performance improvement because it removes the overhead of communicating between them. Other module systems (e.g. TypeScript namespaces, CommonJS modules) use dynamic property accesses to reference identifiers in other modules while ES modules use static binding to reference the identifiers in other modules directly. Dynamic property access can be a big performance penalty in a large code base. Here's an example of the performance improvement that switching to ES modules alone can bring: https://github.com/microsoft/TypeScript/issues/39247.

[1] This is almost always true. A random exception to this is that some buggy compilers have O(n^2) behavior with respect to the number of certain kinds of symbols in a scope, so having too many of those symbols in a single scope can get really slow (and thus splitting your code into separate modules may actually improve initialization time). This issue is most severe in old versions of JavaScriptCore: https://github.com/evanw/esbuild/issues/478. When bundling, esbuild deliberately modifies the code to avoid the JavaScript features that cause this behavior.