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Update! Please see my new blog post about setting up the Magento cron system to get the most out of Magento and bypass major headaches in understanding how Magento works with cron schedules.

After spending some time experimenting with the Magento cron system I now have some good results and some helpful hints from a well placed source. During my tests I setup a cron command to launch the Magento cron.php file at intervals of 5, 10, 15, 30 and 60 minutes.

Here is what I have found out: