In bug 1404909 we're changing bookmarks.update to handle multiple items to update at the same time. One improvement that we might want to experiment with is to change the executeTransaction wrapper, so that it wraps multiple items, rather than each individual item. See bug 1404909 comment 8. To do this, we might need to handle chunking as well. Also, it might be worth at the same time, considering if there is a way to simplify the setAncestorsLastModified calls, as per bug 1404909 comment 9.
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