Thanks, some interesting reading there that I will check out (I wasn't aware of PCF). Perhaps I should've used more precise wording: "All types are value types".

> Standard ML [...] It has all you dream of and more

The main thing here that's missing in Standard ML (and most other functional languages) is the "mutable" part of "mutable value semantics" - i.e., the ability to modify variables in-place (even nested parts of complex structures) without affecting copies. This is different from "shadowing" a binding with a different value, since it works in loops etc.