diff --git a/gcc/ifcvt.c b/gcc/ifcvt.c
index a92ab6d..4e3d8f3 100644
--- a/gcc/ifcvt.c
+++ b/gcc/ifcvt.c
@@ -807,12 +807,17 @@ struct noce_if_info
   bool then_simple;
   bool else_simple;
 
-  /* The total rtx cost of the instructions in then_bb and else_bb.  */
-  unsigned int then_cost;
-  unsigned int else_cost;
+  /* True if we're optimisizing the control block for speed, false if
+     we're optimizing for size.  */
+  bool speed_p;
 
-  /* Estimated cost of the particular branch instruction.  */
-  unsigned int branch_cost;
+  /* The combined cost of COND, JUMP and the costs for THEN_BB and
+     ELSE_BB.  */
+  unsigned int original_cost;
+
+  /* Maximum permissible cost for the unconditional sequence we should
+     generate to replace this branch.  */
+  unsigned int max_seq_cost;
 
   /* The name of the noce transform that succeeded in if-converting
      this structure.  Used for debugging.  */
@@ -835,6 +840,27 @@ static int noce_try_minmax (struct noce_if_info *);
 static int noce_try_abs (struct noce_if_info *);
 static int noce_try_sign_mask (struct noce_if_info *);
 
+/* Return TRUE if SEQ is a good candidate as a replacement for the
+   if-convertible sequence described in IF_INFO.  */
+
+inline static bool
+noce_conversion_profitable_p (rtx_insn *seq, struct noce_if_info *if_info)
+{
+  bool speed_p = if_info->speed_p;
+
+  /* Cost up the new sequence.  */
+  unsigned int cost = seq_cost (seq, speed_p);
+
+  /* When compiling for size, we can make a reasonably accurately guess
+     at the size growth.  */
+  if (!speed_p)
+    {
+      return cost <= if_info->original_cost;
+    }
+  else
+    return cost <= if_info->max_seq_cost;
+}
+
 /* Helper function for noce_try_store_flag*.  */
 
 static rtx
@@ -1319,8 +1345,7 @@ noce_try_store_flag_constants (struct noce_if_info *if_info)
          registers where we handle overlap below.  */
       && (REG_P (XEXP (a, 0))
 	  || (noce_operand_ok (XEXP (a, 0))
-	      && ! reg_overlap_mentioned_p (if_info->x, XEXP (a, 0))))
-      && if_info->branch_cost >= 2)
+	      && ! reg_overlap_mentioned_p (if_info->x, XEXP (a, 0)))))
     {
       common = XEXP (a, 0);
       a = XEXP (a, 1);
@@ -1393,22 +1418,24 @@ noce_try_store_flag_constants (struct noce_if_info *if_info)
 	  else
 	    gcc_unreachable ();
 	}
+      /* Is this (cond) ? 2^n : 0?  */
       else if (ifalse == 0 && exact_log2 (itrue) >= 0
-	       && (STORE_FLAG_VALUE == 1
-		   || if_info->branch_cost >= 2))
+	       && STORE_FLAG_VALUE == 1)
 	normalize = 1;
+      /* Is this (cond) ? 0 : 2^n?  */
       else if (itrue == 0 && exact_log2 (ifalse) >= 0 && can_reverse
-	       && (STORE_FLAG_VALUE == 1 || if_info->branch_cost >= 2))
+	       && STORE_FLAG_VALUE == 1)
 	{
 	  normalize = 1;
 	  reversep = true;
 	}
+      /* Is this (cond) ? -1 : x?  */
       else if (itrue == -1
-	       && (STORE_FLAG_VALUE == -1
-		   || if_info->branch_cost >= 2))
+	       && STORE_FLAG_VALUE == -1)
 	normalize = -1;
+      /* Is this (cond) ? x : -1?  */
       else if (ifalse == -1 && can_reverse
-	       && (STORE_FLAG_VALUE == -1 || if_info->branch_cost >= 2))
+	       && STORE_FLAG_VALUE == -1)
 	{
 	  normalize = -1;
 	  reversep = true;
@@ -1497,7 +1524,7 @@ noce_try_store_flag_constants (struct noce_if_info *if_info)
 	noce_emit_move_insn (if_info->x, target);
 
       seq = end_ifcvt_sequence (if_info);
-      if (!seq)
+      if (!seq || !noce_conversion_profitable_p (seq, if_info))
 	return FALSE;
 
       emit_insn_before_setloc (seq, if_info->jump,
@@ -1551,7 +1578,7 @@ noce_try_addcc (struct noce_if_info *if_info)
 		noce_emit_move_insn (if_info->x, target);
 
 	      seq = end_ifcvt_sequence (if_info);
-	      if (!seq)
+	      if (!seq || !noce_conversion_profitable_p (seq, if_info))
 		return FALSE;
 
 	      emit_insn_before_setloc (seq, if_info->jump,
@@ -1564,10 +1591,10 @@ noce_try_addcc (struct noce_if_info *if_info)
 	}
 
       /* If that fails, construct conditional increment or decrement using
-	 setcc.  */
-      if (if_info->branch_cost >= 2
-	  && (XEXP (if_info->a, 1) == const1_rtx
-	      || XEXP (if_info->a, 1) == constm1_rtx))
+	 setcc.  We're changing a branch and an increment to a comparison and
+	 an ADD/SUB.  */
+      if (XEXP (if_info->a, 1) == const1_rtx
+	  || XEXP (if_info->a, 1) == constm1_rtx)
         {
 	  start_sequence ();
 	  if (STORE_FLAG_VALUE == INTVAL (XEXP (if_info->a, 1)))
@@ -1593,7 +1620,7 @@ noce_try_addcc (struct noce_if_info *if_info)
 		noce_emit_move_insn (if_info->x, target);
 
 	      seq = end_ifcvt_sequence (if_info);
-	      if (!seq)
+	      if (!seq || !noce_conversion_profitable_p (seq, if_info))
 		return FALSE;
 
 	      emit_insn_before_setloc (seq, if_info->jump,
@@ -1621,15 +1648,14 @@ noce_try_store_flag_mask (struct noce_if_info *if_info)
     return FALSE;
 
   reversep = 0;
-  if ((if_info->branch_cost >= 2
-       || STORE_FLAG_VALUE == -1)
-      && ((if_info->a == const0_rtx
-	   && rtx_equal_p (if_info->b, if_info->x))
-	  || ((reversep = (reversed_comparison_code (if_info->cond,
-						     if_info->jump)
-			   != UNKNOWN))
-	      && if_info->b == const0_rtx
-	      && rtx_equal_p (if_info->a, if_info->x))))
+
+  if ((if_info->a == const0_rtx
+       && rtx_equal_p (if_info->b, if_info->x))
+      || ((reversep = (reversed_comparison_code (if_info->cond,
+						 if_info->jump)
+		       != UNKNOWN))
+	  && if_info->b == const0_rtx
+	  && rtx_equal_p (if_info->a, if_info->x)))
     {
       start_sequence ();
       target = noce_emit_store_flag (if_info,
@@ -1643,22 +1669,11 @@ noce_try_store_flag_mask (struct noce_if_info *if_info)
 
       if (target)
 	{
-	  int old_cost, new_cost, insn_cost;
-	  int speed_p;
-
 	  if (target != if_info->x)
 	    noce_emit_move_insn (if_info->x, target);
 
 	  seq = end_ifcvt_sequence (if_info);
-	  if (!seq)
-	    return FALSE;
-
-	  speed_p = optimize_bb_for_speed_p (BLOCK_FOR_INSN (if_info->insn_a));
-	  insn_cost = insn_rtx_cost (PATTERN (if_info->insn_a), speed_p);
-	  old_cost = COSTS_N_INSNS (if_info->branch_cost) + insn_cost;
-	  new_cost = seq_cost (seq, speed_p);
-
-	  if (new_cost > old_cost)
+	  if (!seq || !noce_conversion_profitable_p (seq, if_info))
 	    return FALSE;
 
 	  emit_insn_before_setloc (seq, if_info->jump,
@@ -1827,9 +1842,7 @@ noce_try_cmove (struct noce_if_info *if_info)
 	 we don't know about, so give them a chance before trying this
 	 approach.  */
       else if (!targetm.have_conditional_execution ()
-		&& CONST_INT_P (if_info->a) && CONST_INT_P (if_info->b)
-		&& ((if_info->branch_cost >= 2 && STORE_FLAG_VALUE == -1)
-		    || if_info->branch_cost >= 3))
+		&& CONST_INT_P (if_info->a) && CONST_INT_P (if_info->b))
 	{
 	  machine_mode mode = GET_MODE (if_info->x);
 	  HOST_WIDE_INT ifalse = INTVAL (if_info->a);
@@ -1865,7 +1878,7 @@ noce_try_cmove (struct noce_if_info *if_info)
 		noce_emit_move_insn (if_info->x, target);
 
 	      seq = end_ifcvt_sequence (if_info);
-	      if (!seq)
+	      if (!seq || !noce_conversion_profitable_p (seq, if_info))
 		return FALSE;
 
 	      emit_insn_before_setloc (seq, if_info->jump,
@@ -2078,11 +2091,9 @@ noce_try_cmove_arith (struct noce_if_info *if_info)
      conditional on their addresses followed by a load.  Don't do this
      early because it'll screw alias analysis.  Note that we've
      already checked for no side effects.  */
-  /* ??? FIXME: Magic number 5.  */
   if (cse_not_expected
       && MEM_P (a) && MEM_P (b)
-      && MEM_ADDR_SPACE (a) == MEM_ADDR_SPACE (b)
-      && if_info->branch_cost >= 5)
+      && MEM_ADDR_SPACE (a) == MEM_ADDR_SPACE (b))
     {
       machine_mode address_mode = get_address_mode (a);
 
@@ -2114,23 +2125,6 @@ noce_try_cmove_arith (struct noce_if_info *if_info)
   if (!can_conditionally_move_p (x_mode))
     return FALSE;
 
-  unsigned int then_cost;
-  unsigned int else_cost;
-  if (insn_a)
-    then_cost = if_info->then_cost;
-  else
-    then_cost = 0;
-
-  if (insn_b)
-    else_cost = if_info->else_cost;
-  else
-    else_cost = 0;
-
-  /* We're going to execute one of the basic blocks anyway, so
-     bail out if the most expensive of the two blocks is unacceptable.  */
-  if (MAX (then_cost, else_cost) > COSTS_N_INSNS (if_info->branch_cost))
-    return FALSE;
-
   /* Possibly rearrange operands to make things come out more natural.  */
   if (reversed_comparison_code (if_info->cond, if_info->jump) != UNKNOWN)
     {
@@ -2319,7 +2313,7 @@ noce_try_cmove_arith (struct noce_if_info *if_info)
     noce_emit_move_insn (x, target);
 
   ifcvt_seq = end_ifcvt_sequence (if_info);
-  if (!ifcvt_seq)
+  if (!ifcvt_seq || !noce_conversion_profitable_p (ifcvt_seq, if_info))
     return FALSE;
 
   emit_insn_before_setloc (ifcvt_seq, if_info->jump,
@@ -2805,7 +2799,7 @@ noce_try_sign_mask (struct noce_if_info *if_info)
      && (if_info->insn_b == NULL_RTX
 	 || BLOCK_FOR_INSN (if_info->insn_b) == if_info->test_bb));
   if (!(t_unconditional
-	|| (set_src_cost (t, mode, optimize_bb_for_speed_p (if_info->test_bb))
+	|| (set_src_cost (t, mode, if_info->speed_p)
 	    < COSTS_N_INSNS (2))))
     return FALSE;
 
@@ -3034,8 +3028,8 @@ contains_mem_rtx_p (rtx x)
    x := a and all previous computations
    in TEST_BB don't produce any values that are live after TEST_BB.
    In other words, all the insns in TEST_BB are there only
-   to compute a value for x.  Put the rtx cost of the insns
-   in TEST_BB into COST.  Record whether TEST_BB is a single simple
+   to compute a value for x.  Add the rtx cost of the insns
+   in TEST_BB to COST.  Record whether TEST_BB is a single simple
    set instruction in SIMPLE_P.  */
 
 static bool
@@ -3067,7 +3061,7 @@ bb_valid_for_noce_process_p (basic_block test_bb, rtx cond,
   if (first_insn == last_insn)
     {
       *simple_p = noce_operand_ok (SET_DEST (first_set));
-      *cost = insn_rtx_cost (first_set, speed_p);
+      *cost += insn_rtx_cost (first_set, speed_p);
       return *simple_p;
     }
 
@@ -3114,7 +3108,7 @@ bb_valid_for_noce_process_p (basic_block test_bb, rtx cond,
     goto free_bitmap_and_fail;
 
   BITMAP_FREE (test_bb_temps);
-  *cost = potential_cost;
+  *cost += potential_cost;
   *simple_p = false;
   return true;
 
@@ -3290,9 +3284,15 @@ noce_convert_multiple_sets (struct noce_if_info *if_info)
   for (int i = 0; i < count; i++)
     noce_emit_move_insn (targets[i], temporaries[i]);
 
-  /* Actually emit the sequence.  */
+  /* Actually emit the sequence if it isn't too expensive.  */
   rtx_insn *seq = get_insns ();
 
+  if (!noce_conversion_profitable_p (seq, if_info))
+    {
+      end_sequence ();
+      return FALSE;
+    }
+
   for (insn = seq; insn; insn = NEXT_INSN (insn))
     set_used_flags (insn);
 
@@ -3342,22 +3342,16 @@ noce_convert_multiple_sets (struct noce_if_info *if_info)
 
 /* Return true iff basic block TEST_BB is comprised of only
    (SET (REG) (REG)) insns suitable for conversion to a series
-   of conditional moves.  FORNOW: Use II to find the expected cost of
-   the branch into/over TEST_BB.
-
-   TODO: This creates an implicit "magic number" for branch_cost.
-   II->branch_cost now guides the maximum number of set instructions in
-   a basic block which is considered profitable to completely
-   if-convert.  */
+   of conditional moves.  Also check that we have more than one set
+   (other routines can handle a single set better than we would), and
+   fewer than PARAM_MAX_RTL_IF_CONVERSION_INSNS sets.  */
 
 static bool
-bb_ok_for_noce_convert_multiple_sets (basic_block test_bb,
-				      struct noce_if_info *ii)
+bb_ok_for_noce_convert_multiple_sets (basic_block test_bb)
 {
   rtx_insn *insn;
   unsigned count = 0;
   unsigned param = PARAM_VALUE (PARAM_MAX_RTL_IF_CONVERSION_INSNS);
-  unsigned limit = MIN (ii->branch_cost, param);
 
   FOR_BB_INSNS (test_bb, insn)
     {
@@ -3393,14 +3387,15 @@ bb_ok_for_noce_convert_multiple_sets (basic_block test_bb,
       if (!can_conditionally_move_p (GET_MODE (dest)))
 	return false;
 
-      /* FORNOW: Our cost model is a count of the number of instructions we
-	 would if-convert.  This is suboptimal, and should be improved as part
-	 of a wider rework of branch_cost.  */
-      if (++count > limit)
-	return false;
+      count++;
     }
 
-  return count > 1;
+  /* If we would only put out one conditional move, the other strategies
+     this pass tries are better optimized and will be more appropriate.
+     Some targets want to strictly limit the number of conditional moves
+     that are emitted, they set this through PARAM, we need to respect
+     that.  */
+  return count > 1 && count <= param;
 }
 
 /* Given a simple IF-THEN-JOIN or IF-THEN-ELSE-JOIN block, attempt to convert
@@ -3436,7 +3431,7 @@ noce_process_if_block (struct noce_if_info *if_info)
   if (!else_bb
       && HAVE_conditional_move
       && !HAVE_cc0
-      && bb_ok_for_noce_convert_multiple_sets (then_bb, if_info))
+      && bb_ok_for_noce_convert_multiple_sets (then_bb))
     {
       if (noce_convert_multiple_sets (if_info))
 	{
@@ -3447,12 +3442,12 @@ noce_process_if_block (struct noce_if_info *if_info)
 	}
     }
 
-  if (! bb_valid_for_noce_process_p (then_bb, cond, &if_info->then_cost,
+  if (! bb_valid_for_noce_process_p (then_bb, cond, &if_info->original_cost,
 				    &if_info->then_simple))
     return false;
 
   if (else_bb
-      && ! bb_valid_for_noce_process_p (else_bb, cond, &if_info->else_cost,
+      && ! bb_valid_for_noce_process_p (else_bb, cond, &if_info->original_cost,
 				      &if_info->else_simple))
     return false;
 
@@ -3983,6 +3978,7 @@ noce_find_if_block (basic_block test_bb, edge then_edge, edge else_edge,
   rtx cond;
   rtx_insn *cond_earliest;
   struct noce_if_info if_info;
+  bool speed_p = optimize_bb_for_speed_p (test_bb);
 
   /* We only ever should get here before reload.  */
   gcc_assert (!reload_completed);
@@ -4074,8 +4070,16 @@ noce_find_if_block (basic_block test_bb, edge then_edge, edge else_edge,
   if_info.cond_earliest = cond_earliest;
   if_info.jump = jump;
   if_info.then_else_reversed = then_else_reversed;
-  if_info.branch_cost = BRANCH_COST (optimize_bb_for_speed_p (test_bb),
-				     predictable_edge_p (then_edge));
+  if_info.speed_p = speed_p;
+  if_info.max_seq_cost
+    = targetm.max_noce_ifcvt_seq_cost (then_edge);
+  /* We'll add in the cost of THEN_BB and ELSE_BB later, when we check
+     that they are valid to transform.  We can't easily get back to the insn
+     for COND (and it may not exist if we had to canonicalize to get COND),
+     and jump_insns are always given a cost of 1 by seq_cost, so treat
+     both instructions as having cost COSTS_N_INSNS (1).  */
+  if_info.original_cost = COSTS_N_INSNS (2);
+
 
   /* Do the real work.  */
 
diff --git a/gcc/testsuite/gcc.dg/ifcvt-2.c b/gcc/testsuite/gcc.dg/ifcvt-2.c
index e0e1728..73e0dcc 100644
--- a/gcc/testsuite/gcc.dg/ifcvt-2.c
+++ b/gcc/testsuite/gcc.dg/ifcvt-2.c
@@ -1,5 +1,5 @@
 /* { dg-do compile { target aarch64*-*-* x86_64-*-* } } */
-/* { dg-options "-fdump-rtl-ce1 -O2" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-unpredictable-cost=100" } */
 
 
 typedef unsigned char uint8_t;
diff --git a/gcc/testsuite/gcc.dg/ifcvt-3.c b/gcc/testsuite/gcc.dg/ifcvt-3.c
index 44233d4..b250bc1 100644
--- a/gcc/testsuite/gcc.dg/ifcvt-3.c
+++ b/gcc/testsuite/gcc.dg/ifcvt-3.c
@@ -1,5 +1,5 @@
 /* { dg-do compile { target { { aarch64*-*-* i?86-*-* x86_64-*-* } && lp64 } } } */
-/* { dg-options "-fdump-rtl-ce1 -O2" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-unpredictable-cost=100" } */
 
 typedef long long s64;
 
diff --git a/gcc/testsuite/gcc.dg/ifcvt-4.c b/gcc/testsuite/gcc.dg/ifcvt-4.c
index 319b583..0d1671c 100644
--- a/gcc/testsuite/gcc.dg/ifcvt-4.c
+++ b/gcc/testsuite/gcc.dg/ifcvt-4.c
@@ -1,4 +1,4 @@
-/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=3" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=3 --param max-rtl-if-conversion-unpredictable-cost=100" } */
 /* { dg-additional-options "-misel" { target { powerpc*-*-* } } } */
 /* { dg-skip-if "Multiple set if-conversion not guaranteed on all subtargets" { "arm*-*-* hppa*64*-*-* visium-*-*" } }  */
 
diff --git a/gcc/testsuite/gcc.dg/ifcvt-5.c b/gcc/testsuite/gcc.dg/ifcvt-5.c
index 818099a..d2a9476 100644
--- a/gcc/testsuite/gcc.dg/ifcvt-5.c
+++ b/gcc/testsuite/gcc.dg/ifcvt-5.c
@@ -1,7 +1,8 @@
 /* Check that multi-insn if-conversion is not done if the override
-   parameter would not allow it.  */
+   parameter would not allow it.  Set the cost parameter very high
+   to ensure that the limiting factor is actually the count parameter.  */
 
-/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=1" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 --param max-rtl-if-conversion-insns=1 --param max-rtl-if-conversion-unpredictable-cost=200" } */
 
 typedef int word __attribute__((mode(word)));
 
diff --git a/gcc/testsuite/gcc.dg/pr68435.c b/gcc/testsuite/gcc.dg/pr68435.c
index 765699a..f86b7f8 100644
--- a/gcc/testsuite/gcc.dg/pr68435.c
+++ b/gcc/testsuite/gcc.dg/pr68435.c
@@ -1,5 +1,5 @@
 /* { dg-do compile { target aarch64*-*-* x86_64-*-* } } */
-/* { dg-options "-fdump-rtl-ce1 -O2 -w" } */
+/* { dg-options "-fdump-rtl-ce1 -O2 -w --param max-rtl-if-conversion-unpredictable-cost=100" } */
 
 typedef struct cpp_reader cpp_reader;
 enum cpp_ttype
