> And since arithmetic operators are left-to-right associative, the rather ugly code, as written, is fast and not as wasteful as it appears.

This is incorrect, for exactly the reason you are citing: A * x * x * x * x = (((A * x) * x) * x) * x), which means that (x * x) is nowhere to be seen in the expression and cannot be factored out. Now, if you wrote x * x * x * x * A instead, _then_ the compiler could have done partial CSE against the term with B, although still not as much as you'd like.