An important goal of computational linguistics has been to use linguistic theory to guide the construction of computationally efficient real-world natural language processing systems. At first glance, generalized phrase structure grammar (GPSG) appears to be a blessing on two counts. First, the precise formalisms of GPSG might be a direct and fransparent guide for parser design and implementation. Second, since GPSG has weak context-free generative power and context-free languages can be parsed in O(n ~) by a wide range of algorithms, GPSG parsers would appear to run in polynomial time. This widely-assumed GPSG "efficient parsability" result is misleading: here.