Hi Nick,
Yes, as long as the loop takes longer to exectute than the period time of the PWM signal (2us in this case) it'll work without additional delay in there. When running at 8MHz each ASM instruction takes 500ns so there's really only time 4 instructions in this case. The Goto Main takes 2 and the jump caused by the IF-THEN takes 2 so that's 4, then we have the rest so it's pretty safe to run it without any delay.

Here are the screenshots I mentioned:
Name:  DS4_QuickPrint1.jpg
Views: 4512
Size:  93.4 KB

Name:  DS4_QuickPrint2.jpg
Views: 4464
Size:  96.1 KB

/Henrik.