Good way to make variables global (?)

I recently stumbled upon a way to make all variables global. I did this because I got sick of writing out global variable after global variable in my functions. It seems to work just great in my script, but I wanted to read others' input on this. The advantages are obvious: no huge GLOBAL declarations. However, I wanted to know if there are any hidden pitfalls that I haven't noticed (besides the fact that a global variable could be easily overwritten.) Here's the code: function example_function () { reset ($GLOBALS); while ( list($key, $val) = each($GLOBALS) ) { extract ($GLOBALS); } My impression: This is a very cool snippet of code... as long as you understand the implications. Erica