Here's a great article discussing using BULK COLLECT and FORALL when doing mass updates as opposed to looping through each row and incurring a context switch between PL/SQL and SQL Engines:
http://www.oracle.com/technetwork/issue-archive/2012/12-sep/o52plsql-1709862.html
Thanks Steven!
11/21/2012: Also see this video: http://www.youtube.com/watch?v=Zdpw9z05LWQ
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