diff --git a/implementations/rust/preserves/src/value/iolist.rs b/implementations/rust/preserves/src/value/iolist.rs
index ca31bad..6a7e5da 100644
--- a/implementations/rust/preserves/src/value/iolist.rs
+++ b/implementations/rust/preserves/src/value/iolist.rs
@@ -1,37 +1,29 @@
 use std::borrow::Cow;
-use std::cell::RefCell;
+use std::cmp::Ordering;
 use std::io;
 
 #[derive(Eq, Debug)]
 pub struct IOList {
-    chunks: RefCell<Vec<Vec<u8>>>,
+    chunks: Vec<Vec<u8>>,
     len: usize,
 }
 
 impl IOList {
     pub fn new() -> Self {
         IOList {
-            chunks: RefCell::new(Vec::new()),
+            chunks: vec![],
             len: 0,
         }
     }
 
     fn rightmost_chunk(&mut self) -> &mut Vec<u8> {
-        let cs = self.chunks.get_mut();
-        if cs.is_empty() {
-            cs.push(Vec::new());
+        if self.chunks.is_empty() {
+            self.chunks.push(vec![]);
         }
-        cs.last_mut().unwrap()
+        self.chunks.last_mut().unwrap()
     }
 
-    fn consolidate(&self) {
-        if self.chunks.borrow().len() != 1 {
-            let bs = self.chunks.replace(Vec::new()).concat();
-            self.chunks.borrow_mut().push(bs);
-        }
-    }
-
-    pub fn len(&mut self) -> usize {
+    pub fn len(&self) -> usize {
         self.len
     }
 
@@ -44,41 +36,97 @@ impl IOList {
     pub fn write_all(&mut self, cow: Cow<'_, [u8]>) {
         self.len += cow.len();
         match cow {
-            Cow::Borrowed(bs) => self.chunks.get_mut().push(bs.to_owned()),
-            Cow::Owned(bs) => self.chunks.get_mut().push(bs),
+            Cow::Borrowed(bs) => self.chunks.push(bs.to_owned()),
+            Cow::Owned(bs) => self.chunks.push(bs),
         }
     }
 
     pub fn append(&mut self, mut iol: IOList) {
         self.len += iol.len();
-        self.chunks.get_mut().append(&mut iol.chunks.take());
+        self.chunks.append(&mut iol.chunks);
     }
 
     pub fn write_to<W: io::Write>(self, mut w: W) -> io::Result<()> {
-        for chunk in self.chunks.take() {
+        for chunk in self.chunks {
             w.write_all(&chunk)?;
         }
         Ok(())
     }
+
+    pub fn iter<'a>(&'a self) -> IOListIterator<'a> {
+        IOListIterator { chunks: self.chunks.iter(), chunk: None }
+    }
+}
+
+pub struct IOListIterator<'a> {
+    chunks: std::slice::Iter<'a, Vec<u8>>,
+    chunk: Option<std::slice::Iter<'a, u8>>,
+}
+
+impl<'a> Iterator for IOListIterator<'a> {
+    type Item = u8;
+    fn next(&mut self) -> Option<Self::Item> {
+        loop {
+            if self.chunk.is_none() {
+                self.chunk = self.chunks.next().map(|v| v.iter());
+                if self.chunk.is_none() {
+                    return None;
+                }
+            }
+            match self.chunk.as_mut().unwrap().next() {
+                None => {
+                    self.chunk = None;
+                    continue;
+                }
+                Some(b) => return Some(*b),
+            }
+        }
+    }
+}
+
+impl<'a> IntoIterator for &'a IOList {
+    type Item = u8;
+    type IntoIter = IOListIterator<'a>;
+    fn into_iter(self) -> Self::IntoIter {
+        self.iter()
+    }
 }
 
 impl std::cmp::PartialEq for IOList {
     fn eq(&self, other: &Self) -> bool {
-        self.consolidate();
-        other.consolidate();
-        self.chunks.borrow().last().unwrap() == other.chunks.borrow().last().unwrap()
+        let mut a = self.iter();
+        let mut b = other.iter();
+        loop {
+            let v = a.next();
+            if v != b.next() {
+                return false;
+            }
+            if v.is_none() {
+                return true;
+            }
+        }
     }
 }
 
 impl std::cmp::Ord for IOList {
-    fn cmp(&self, other: &Self) -> std::cmp::Ordering {
-        self.consolidate();
-        other.consolidate();
-        self.chunks.borrow().last().unwrap().cmp(other.chunks.borrow().last().unwrap())
+    fn cmp(&self, other: &Self) -> Ordering {
+        let mut a = self.iter();
+        let mut b = other.iter();
+        loop {
+            match (a.next(), b.next()) {
+                (None, None) => return Ordering::Equal,
+                (Some(av), Some(bv)) => match av.cmp(&bv) {
+                    Ordering::Equal => continue,
+                    other => return other,
+                },
+                (Some(_), None) => return Ordering::Greater,
+                (None, Some(_)) => return Ordering::Less,
+            }
+        }
     }
 }
 
-impl std::cmp::PartialOrd for IOList {
+impl PartialOrd for IOList {
     fn partial_cmp(&self, other: &Self) -> Option<std::cmp::Ordering> {
         Some(self.cmp(other))
     }
diff --git a/implementations/rust/preserves/src/value/packed/writer.rs b/implementations/rust/preserves/src/value/packed/writer.rs
index 8933cf5..e71c8e2 100644
--- a/implementations/rust/preserves/src/value/packed/writer.rs
+++ b/implementations/rust/preserves/src/value/packed/writer.rs
@@ -89,7 +89,7 @@ impl<W: io::Write> PackedWriter<W> {
 
     pub fn finish_item(&mut self) -> io::Result<()> {
         if self.buffer.len() > 0 {
-            let mut buffer = std::mem::replace(&mut self.buffer, IOList::new());
+            let buffer = std::mem::replace(&mut self.buffer, IOList::new());
             match self.items.last_mut() {
                 Some(iols) => iols.push(buffer),
                 None => {
@@ -127,7 +127,7 @@ impl<W: io::Write> PackedWriter<W> {
             items.sort();
         }
         self.write_tag(tag);
-        for mut i in items {
+        for i in items {
             varint(&mut self.buffer, i.len());
             self.buffer.append(i);
         }
@@ -409,7 +409,7 @@ impl<W: io::Write> Writer for PackedWriter<W>
         }
         chunks.sort();
         self.write_tag(Tag::Dictionary);
-        for (mut ki, mut vi) in chunks {
+        for (ki, vi) in chunks {
             varint(&mut self.buffer, ki.len());
             self.buffer.append(ki);
             varint(&mut self.buffer, vi.len());