In the documentation for delay-loading, there's a remark that says that the call to GetProcAddress can be avoided if there is binding information. A customer who received the explanation of why you can't delay-load kernel32 pointed out that paragraph and asked whether this means that you can delay-load kernel32 if you bind to it. (Getting around to answering this question was the point of the past few days.)

Let's take another look at what that GetProcAddress-avoidance optimization does. Actually, it's just another look at what the module loader does when it's time to resolve imports to a bound DLL: At build time, the actual function pointers are precomputed and cached, along with the timestamp of the DLL those precomputed values came from. At run time, the delay-load stubs check the timestamp of the target DLL and compare it against the timestamp that it had cached. If they are the same, then they skip the call to GetProcAddress and use the cached value.

In other words, the delay-load stubs use binding information in exactly the same way the module loader does.

Does this mean that you can now delay-load kernel32?

No. First of all, if the timestamps don't match or if the target DLL was not loaded at its preferred address, then the binding information is of no use—you have a cache miss. In that case, the module loader (and the delay-load stubs) must obtain the function pointers the old-fashioned way. You can't assume that your binding information will always be accurate. (For example, after your module was bound to kernel32, there may have been a security update which modified kernel32, which invalidates your binding information.)

And besides, even if the binding information were used, you still have to call LoadLibrary to get the target DLL loaded in the first place. Even though binding may have optimized away one call to kernel32, you still have that LoadLibrary to deal with.