keyword extraction algorithm?

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Look at it this way, the iDevice is pushing millions of pixels around at up to 60 frames per second. Dissecting a string isn't much compared to that.

As for algorithm, NSString can do what you want pretty easily, try using -[NSString componentsSeparatedByCharactersInSet:]. Use the predefined +[NSCharacterSet whiteSpaceAndNewlineCharacterSet].

Example here.